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May 2021

Oman: CMA launches electronic licensing system for health insurance TPAs

Source: Middle East Insurance Review | Apr 2021

The Capital Market Authority (CMA) has launched an electronic system for licensing health insurance TPAs, in line with its goal of speeding up digital transformation in the country. TPAs can now apply for registration and renewal of licences electronically.
 
The electronic system is part of the e-services series provided to the participants of the capital market and insurance sector through the CMA’s portal to create time-saving channels for participants. The CMA now has 40 electronic services for various sectors.
 
Last year, the CMA issued licensing requirements for TPAs to enhance regulation of the health insurance sector in Oman. The requirements cover components of the insurance process related to health products as TPAs are a party to the insurance relationship for their role in claim administration between insurers and health services providers.
 
The health insurance sector in Oman enjoyed considerable growth in recent years, and the CMA expects that health insurance will see more demand, thanks to increased public awareness and the government’s plan for compulsory health cover for private sector employees. M 
 
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