HE the Executive President of the Capital Market Authority said CMA is going ahead with establishing a fund to help the injured in road traffic accidents and issuing its articles of association.

He said the idea of the fund was first mentioned in the  Motor Vehicle Insurance Law which provides in Article 8 “  The Chairman of the Board of Director of CMA may, after approval of the Council of Ministers, establish a fund to help those injured in traffic accidents as well the heirs of the deceased in case the vehicle causing the accident is unknown.”

HE Sheikh Abdullah Salim Al Salmi said CMA has finished a draft document on the established the fund , modus operandi and financing as well as methods of payment of assistance. He added the draft has been approved by the Board of Directors of CMA in its meeting on 22 December 2013 and the approval of the Council of Minster was obtained to coordinate with the competent authorities  to consider establishment of the fund. The draft will be forwarded to the Ministry of Legal Affairs for publication in the Official Gazette.

Al Salmi said CMA has proposed a number of amendments including amending the Vehicles Insurance Law to add the financial damage in the cases covered by the fund and then to incorporate the same in the regulation of the fund after the amendment of the law.

Al Salmi added the fund’s regulation requires CMA to recourse against the party causing the accident to claim compensation for the damage. He concluded the aim of the fund is to provide peace of mind for road users through providing coverage for all risks resulting from traffic accidents to preserve the rights of those who suffer damage.