The Unified Agreement for Health Insurance Scheme is now in force in the Sultanate of Oman, the Capital Market Authority (CMA) – the regulator of the insurance sector – announced on Thursday, January 5, 2023.
The mandatory scheme, which has been brought into operation since the start of this year, stems from efforts to regulate the interrelationships of the stakeholders in the insurance market: insurance companies, private health institutions and health insurance claims management companies, the CMA said.
“This agreement is considered to be a legal instrument which achieves the best practices in the daily interactions of the stakeholders. It contributes to increasing the quality of the services provided in addition to regulating, unifying and accelerating the transactions among the stakeholders. This will eventually help in the reductions of disputes and conflicts of interest,” it further noted.
Furthermore, the agreement enhances and regulates the financial flows among the stakeholders by linking them to the Dhamani online platform. It also specifies the obligations of each party involved during their daily operations and the regulatory procedures followed in cases of fraud and misuse and the steps followed to resolve any disputes.
“This will encourage the service providers to offer their best services that meet the specified standards and practices in order to preserve the rights and privileges of the insured. Additionally, it will create a competitive environment that contributes to developing the performance of the Insurance Sector in accordance with the strategy that the CMA seeks to achieve during the years (2021-2025),” the authority added.
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