Al Salmi: The new policy focus on transparency between  the parties

The Capital Market Authority has approved yesterday the amendments to the Unified Motor Insurance Policy as part of the  continued review of the legislations of the capital market and insurance sector.

HE Sheikh Abdullah Salim Al Salmi, Executive President  of CMA said on the new version of the Unified Motor Insurance Policy that the new amendments were effected after  seven years from the issuance of policy in 2008 as standard form of insurance contract with the minimum limits of the contract

He pointed out that the new version of the policy focuses on transparency among the transacting parties to limit the disputes on the various interpretations  as well as upgrading the levels of additional insurance benefits provided by insurers for more protection for policyholders and for more transparency and additional benefits appropriate for the requirements of various  participants.

HE added the unified motor insurance policy affects the greatest segment of policyholders as the motor insurance in the Omani market represents  about 44% according to insurance indicators  last year.  It is important  on the local, regional and international levels due to the vital role of motor vehicles  in the daily activities of individuals, commercial, social and entertainment activities of the community.

It is noteworthy that the insurance sector in the Sultanate has witnessed legislative and regulatory developments in line with the best international practices. It also achieved considerable growth at 14.8% in average during the past years with insurance premiums at about  RO 0.5 billion as per the unaudited financial statements of the past year