Amended motor cover policy gets nod

Muscat - The Capital Market Authority (CMA) approved on Sunday the amendments to the Unified Motor Insurance Policy as part of the continued review of the legislation of the capital market and insurance sector. Shaikh 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

  
14 February 2016
Muscat - The Capital Market Authority (CMA) approved on Sunday the amendments to the Unified Motor Insurance Policy as part of the  continued review of the legislation of the capital market and insurance sector. Shaikh 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. Last week Observer reported quoting a  senior official of CMA that the amended was in the final stage of implementation in Oman.

Al Salmi 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 said the unified motor insurance policy affects the greatest segment of policyholders as the motor insurance in the Omani market represents  about 44 per cent according to insurance indicators  last year.

© Oman Daily Observer 2016

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