MUSCAT: The Capital Market Authority (CMA) has floated a tender the roll-out of an e-insurance system that links insurance companies directly with the Royal Oman Police (ROP) and policyholders. The new electronic link builds on the Authority’s efforts to provide integrated digitalised services to consumers.
“The CMA aims to enhance the role of technology and maximise its uses especially in serving policyholders and other stakeholders to ease the registration, renewal, transfer and export of motor vehicles, and the issuance of registration certificates.
It also provides for insurance companies a database containing specific data on the drivers and vehicles, such as traffic accidents and violations for use in underwriting’’, the Authority said in a press statement.
The new system also enables the Authority to monitor and follow up the business of insurance companies and evaluate their performance.
The system will connect 15 insurance companies carrying out motor insurance business with policyholders and the ROP.
Motor insurance is among the top insurance activities with more than 1.402 million insurance policies, accounting for 85.4 per cent of insurance policies and RO 113.3 million in direct premiums.
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