The Financial Services Authority held its annual gathering with claims managers, underwriting managers, and customer service officers from insurance companies operating in the Sultanate of Oman, with community participation, to reinforce fairness, transparency, and unify procedures related to motor insurance. It aimed to discuss mechanisms for adopting unified motor-insurance practices that elevate professional standards across the insurance sector.

The gathering featured an in-depth discussion on ways to standardise operational processes and insurance practices among companies in a manner that ensures equal opportunities, protects the rights of all parties, and reduces the procedural inconsistencies currently faced by consumers in the insurance market. It also reviewed the key challenges associated with variations in existing insurance policies, emphasising the importance of joint coordination and adopting best practices aligned with applicable laws and regulations in the Sultanate of Oman.

This gathering forms part of the FSA’s efforts to strengthen direct communication with the entities under its supervision, serving as an effective platform for exchanging expertise, understanding field developments, and supporting compliance with the legal and regulatory framework. These efforts help reinforce trust among stakeholders and contribute to institutional stability within the sector, supporting the sustainability and growth of the insurance market in the Sultanate of Oman.

The FSA reaffirmed its ongoing commitment to advancing the insurance market in the Sultanate of Oman by ensuring consumer protection, enhancing service quality, and strengthening the sector’s role as one of the key pillars of the country’s economy.