Insurance FAQs

1) Who is supervising the insurance sector in the Sultanate?

Based on the Royal Decree No. 90/2004 transferring the competencies of insurance from the Ministry of Commerce and Industry to the Capital Market Authority, issued on 3rd  August  2004, the capital market Authority through the insurance operations regulation unit that supervise the insurance sector in the Sultanate

2) What are the types of insurance policies in force in the Sultanate?

There are many insurance policies most significant is vehicle insurance, property insurance , health insurance, homes insurance, income insurance and other insurance policies .

3) We have heard that the Capital Market Authority has issued a unified vehicle insurance form. What does it includes?

CMA supervises

1) MSM
2) MCDC
3) Public joint stock companies listed on MSM.
4) Investment funds.
5) Licensed companies operating in securities and their agents
6) Insurance companies, agents and brokers.
7) Credit rating companies.

4) What is the Orange Card?

The orange card is a vehicle insurance policy that provides insurance coverage in some Arab countries which signed to the Convention for the purpose of easing the actions required at land ports for the Omani vehicles wishing to enter other Arab states.

5) What is the system of minor accidents?

The minor accident system designed to facilitate the procedures of minor accidents through the parties involved in the accident by moving the vehicles affected from the road without waiting for the arrival of the police, where the drivers of these vehicles fill in a simple traffic accident form and go directly to the insurance company for the claim.

6) Is there a specific department in the Authority to receive complaints and reporting infringements associated with the securities market and insurance market?

There is a specific department in the Authority to receive complaints from policyholders. The aim of this department to resolve disputes between insurers and policyholders, in addition the Authority receives complaints regarding the securities market and take action against violators of the rules and regulations in force.

7) What is the compulsory insurance of vehicles?

Compulsory insurance covers for vehicles: a - insurance for the benefit of third parties (third party).

B - Injuries treatment expenses for the insured or equivalents and members of their families.

8) What is meant by third party insurance for vehicles?

This type of insurance covers physical damage, serious injury and death  which affects others as a result of an accident in which you are at fault , and does not cover your vehicle , including passengers but excluding you or any person who is driving the car and your family members ( parents , spouse , children ) .

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