To achieve the Oman Vision 2040 toward digital transformation, smart government and to facilitate the services rendered by the Institutional Services Department to the public, the Capital Market Authority announced the provision of six electronic services to enhance communication with the insurance policyholders, investors and stakeholders.
The e-services are available via the website and smartphones application of the CMA. They include a system for complaints against the companies operating in the insurance sector (insurance companies, brokers, agents and valuators of cancelled motor vehicles), a system for complaints against the companies operating in the capital market sector (public joint-stock companies and the companies operating in the field of securities) beside the other electronic services such as enquiries, whistleblowing, the system for applications for assistance from the Fund for Assistance of the injured and heirs of the deceased and compensation for damage incurred in traffic accidents as well as the service for calculation of the value of the cancelled vehicles.
Capital market and insurance complaints related service are the most popular as it emphasizes the CMA keenness to safeguard the rights of insurance policyholders and investors in the capital market as it allows the user to file the complaint electronically and attach all the statements and documents related to the issue. The complainant receives a response in three working days unless the nature of the complaint requires more time, plus the whistleblowing service which relates to any irregularities in the companies operating in the capital market and insurance sector. The services assures the confidentiality of the whistleblower to avoid any inconveniences.
The CMA also provides an electronic enquiries service that allows the user to enquire about the procedures and services rendered by the CMA. Furthermore, a service for calculation of the value of cancelled vehicles was added to the website and CMA’s application. The service requests information about the vehicle, first time buying value or insurance value, date and date of the accident and then informs the user of the value of compensation from the insurer.
CMA added service for applications for assistance provided by the Fund for Assistance of the injured. CMA also introduced a platform for communication with the insurance companies to discuss the developments and the issues related to the insurance industry.
The CMA launched this year a package of electronic systems to facilitate for the customers of the capital market and insurance sectors to file their applications electronically whether institutional or individual applications to cope with the CMA’s endeavours to achieve its strategy in the current five years (2021-2025) to enhance the performance in line with the national priorities in the Oman Vision 2040.