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May 2022

Oman: Regulator launches insurance e-services

Source: Middle East Insurance Review | Jan 2022

The Capital Market Authority (CMA) has announced the launch of six digital services to facilitate the delivery of services to insurance policyholders, investors and other stakeholders.
The move works towards achieving the Oman Vision 2040 that encompasses digital transformation and smart government, as well as facilitating services rendered to the public.
The e-services are available via the CMA’s website and mobile app. The services consist of:
  • An inquiry system for the public to seek clarifications on procedures and services rendered by the authority
  • A system for complaints against the companies operating in the insurance sector (insurance companies, brokers, agents and valuers of scrapped motor vehicles), and against companies operating in the capital market sector
  • A whistleblowing system
  • A system for application for compensation from an assistance fund for those who are injured, and for beneficiaries of those who die, in traffic accidents
  • A system to calculate the value of scrapped vehicles.
The complaint system reflects the CMA’s keenness to safeguard the rights of insurance policyholders and capital market investors. Under the system, the complainant files online his complaint and attaches all supporting statements and documents related to the issue. The complainant can expect to receive a response in three working days unless the nature of the complaint requires more time to handle.
Whistleblowers, too, can go online to alert the authority about any wrongdoing or irregularity by 
companies operating in the insurance and capital market sectors. The service assures complete confidentiality.
The CMA has also introduced a platform for communications with insurance companies to discuss developments and the issues related to the industry. M 
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