Muscat: The Capital Market Authority (CMA) issued the first legislation regulating the practice of health insurance claims.
According to a statement issued by Dhamani: "The regulations ensure that licensing requirements are easy and it is easy to carry out investment initiatives led by the national cadres. Among the requirements for obtaining a license, is the need to appoint a full-time manager and doctor and a minimum of OMR 200,000 as capital for incorporation."
Providing a secure and effective electronic system is also required. The company's activities shall be limited to managing health insurance claims.
Abdullah Al Salmi, CEO of CMA said: "The presence of a special regulation for practicing health insurance claims management in the Sultanate will add more reliable regulatory readiness to develop the insurance industry in the local market and raise the level of insurance services associated with health products."
Al Salmi added: "Submitting a recruitment, training and qualification plan for employees of the company is a requirement to obtain a license."