CMA Approves four integrated electronic insurance platforms in accordance with E- insurance Regulation

The Capital Market Authority approved, during January and February of this year, four electronic platforms that provide integrated insurance services.

The CMA granted approval to four insurance institutions to render their services electronically through the approved platforms, these are Arabian Falcon Insurance Company and three insurance brokers licensed by the CMA namely Gulf Insurance Group, Integrated Insurance Brokerage Solutions and Insurance House.

The approval of the platforms comes after consideration and analyzing their applications and ensuring that they satisfy all the requirements contained in the E-Insurance Regulation, which was issued in the last quarter of 2023 by Decision No. (80/2023), as regulatory and legislative framework for providing e-insurance services in the Sultanate of Oman.

 The regulation requires each insurance company to establish its own electronic platform to provide integrated digital insurance services, and allows insurance brokerage firms to create an electronic platform to provide the licensed services. The regulation prohibits offering any electronic insurance operations in the Sultanate of Oman except after obtaining approval from the CMA.

The Regulation is a legislative and regulatory framework that encourages and obligates insurance companies to create electronic platforms to provide insurance services, including selling insurance policies, marketing products, collecting premiums, administering claims, submitting complaints, and following them up via a digital platform, whether websites or smartphone applications.

The CMA   issues such regulations that keep pace with the global trend towards digitization and make them mandatory for companies to accelerate digital transformation and develop the business sector, which contributes to creating a constructive environment that enhances public confidence and the quality of insurance services to augment protection against the perils facing individuals and institutions.

It is worth noting that  establishment of electronic platforms for companies serves all parties to the insurance relationship, and contributes to proliferation  of insurance services and expand marketing the products, as the platforms operate around the clock, enabling the  public to view all information and data related to the terms and conditions of policies in a timely  manner, and to find out the benefits and exclusions,  premiums calculation method and other key information and  documents when selling policies, in addition to facilitating the process of submitting claims and managing them  efficiently with high quality.