CMA urges insurance companies to expedite insurance settlement
Published: 04:10 PM,Oct 13,2021 | EDITED : 08:10 PM,Oct 13,2021
Muscat: The Capital Market Authority (CMA) has directed the insurance companies to take certain procedures to facilitate and expedite the settlement of insurance claimants for those affected by the tropical condition Shaheen.
-The CMA directed that the period for receiving insurance compensation should not exceed 14 days from the date of preview and damage assessment.
-A report from the Royal Oman Police is not required.
- Payment of the deductible amount is not required upon presenting the application for insured vehicles and houses. That amount can be deducted from the compensation amount.
-Insurance companies should have additional staff in the affected wilayats.
-The order for maintenance should be issued within seven working days from the date of preview.
- Insurance companies should open offices in the affected wilayats and they should also utilize technology for receiving claims.
-The CMA directed that the period for receiving insurance compensation should not exceed 14 days from the date of preview and damage assessment.
-A report from the Royal Oman Police is not required.
- Payment of the deductible amount is not required upon presenting the application for insured vehicles and houses. That amount can be deducted from the compensation amount.
-Insurance companies should have additional staff in the affected wilayats.
-The order for maintenance should be issued within seven working days from the date of preview.
- Insurance companies should open offices in the affected wilayats and they should also utilize technology for receiving claims.