Oman - Regulator issues insurance service guidelines
Source: Middle East Insurance Review | Nov 2016
The Capital Market Authority (CMA) has issued guidelines for insurance services, which specify the minimum quality standards expected of insurance companies and brokers in the Sultanate.
In a statement, CMA said that insurance companies are requested as per the guidelines to set written and approved policies and standards by their boards to ensure the quality of their services. These standards shall be continuously audited and evaluated by the compliance officer and quality controller of the company. CMA will monitor the companies’ compliance in adopting and applying these policies and standards.
The regulator said that the guidelines are based on its vision to promote the concept of customer service quality, and to increase the level of company compliance with the responsibilities resulting from providing insurance services, and to cope with modern technologies in the field of customer services.
Mr Ahmed Al Mammari, Director General of Insurance Supervision, said that quality services are crucial to establishing a competitive environment in the insurance market.