New CMA fund to compensate road accident victims

The Capital Market Authority (CMA) has issues a decision to establish a fund that will guarantee assistance to the injured, the heirs of the deceased in road accidents. It will also compensate for any damages to the vehicles. The decision will be effective within 90 days from the date of its publication in the Official Gazette. The fund shall compensate the damage caused by the accident provided the death, physical injuries, cost of the material damages exceeded RO500.

The fund will compensate in the event of

If the Third party dies in the accident.

Physical injuries sustained.

The absence of insurance coverage of the vehicle involved in the accident and the damages exceed RO500.

Vehicles to be covered include Yachts, boats, boats, boats, and trucks.