CMA approves regulations for mandatory health insurance

Muscat: 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. 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 light of the government's decision to apply the health insurance system to private sector employees and to expatriates residing in the Sultanate and visitors to the Sultanate, the Council reviewed the latest developments on the application of compulsory health insurance to private sector employees and expatriates residing in the Sultanate 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.