MUSCAT : The Unified Credit Life Insurance Policy is concerned with providing a unified framework for insurance coverage in the event of death or permanent disability by having the insurance company bear the remaining balance of the loan, said a CMA announcement.
Based on the decision No. 4/2023, the policy comes into effect after 60 days of the issuance date.
The CMA stated that the policy reinforces the principle of good faith, which is based on transparency and disclosure to determine the health status of the borrower. According to the policy, the insurance premium will be calculated on the basis of one single premium, in a way that maintains its cost without being affected by any future fluctuations.
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The Authority indicated that the new document includes a definition of the basic benefits of insurance coverage and optional benefits, and determines the cases under which the right of the insurance policyholder is forfeited, characterized by clarity in the rights and obligations of the interested parties (the borrower, the insurance company, and the financing party) which contributes to reducing disputes that may arise between these parties.
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