Insurance Products’ Marketing Rules approved recently by the Capital Market Authority (CMA) attest to the Authority’s keenness to promote professionalism and best practice in the nation’s rapidly expanding and diversifying insurance industry, Ahmed Ali al Maamari (pictured), Acting Vice- President — Insurance Services, said.
The new rules are designed to strengthen guidelines regulating new insurance products issued vide Circular 16/2008 on June 9, 2008. They take into account a variety of technical and legal developments witnessed in the industry, with specific reference to the marketing of life, general and health insurance products, he said.
Al Maamari pointed out that the rules aim in their essence to ease the process for approval of new insurance products. It spells out a set of criteria when applying for approvals, marketing guidelines, and also protections for policyholders.
He added that the rules were issued following consultations with insurance companies as well as feedback received at a workshop organised by the CMA in this regard. A number of insurance experts and actuaries from within and outside the Omani market attended the event.
Pursuant to the rules insurance companies may only market an insurance product after the following: obtaining the CMA’s written consent in response to an application in the prescribed format, paying the application fee, meeting the terms, conditions of the insurance product, providing the policy documents in Arabic or accompanied by Arabic translation and indicating that in the event of discrepancy the Arabic version will prevail, providing pricing policy matching the underwriting policy approved by the board of directors of the company, submitting copies of marketing materials, attaching an actuary certificate or the Sharia supervisory board certificate, as the case may be.
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