MUSCAT, DEC 22 - The board of directors of the Capital Market Authority (CMA) has adopted the executive regulations for Takaful insurance and the mandatory health insurance in the private sector at its fourth meeting this year under the chairmanship of Yahya bin Saeed al Jabri, Chairman of CMA. The board adopted the draft executive regulations for the Takaful Insurance Law and the health insurance in the private sector after reviewing a number of experiences from countries, to help put in place the best practices for applying these laws.
In the light of the government decision to apply the health insurance system to private sector employees and to expatriates residing in the Sultanate and visitors to the country, the council reviewed the latest developments on the application of compulsory health insurance to private sector employees and expatriates and visitors. The health insurance scheme is likely to be implemented in a number of stages starting with international companies, consultancies and visitors in the first phase. This gradual approach will help reduce any significant cost burden on employers.
Recently, CMA held a meeting to discuss the implementation of the health insurance in the oil and gas sector, especially by the contractors who deal work for multiple large companies. It was suggested that a single insurance portfolio should be created for employees of such contractors, which will contribute to reducing the cost of health insurance to employers. The CMA has been working with the relevant government authorities and stakeholders to develop a roadmap and identify a time-frame for the implementation of this scheme. CMA wants to minimise the resultant cost burden on private sector firms, while at the same time making sure that quality in service delivery was not compromised.
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