Muscat: The CMA has given a 120-day deadline for companies to reconcile their status.
As per the decision, licensed insurance companies are obliged to create their own electronic platforms that provide integrated digital insurance services; it permits insurance broker offices also to create electronic platforms to provide the licensed services.

The resolution also prohibits the provision of any electronic insurance operations in the Sultanate of Oman without obtaining an approval from the Authority.

The integrated electronic insurance system represents a regulatory and legislative framework for providing digital insurance services in the Sultanate of Oman. It aims to increase the operational efficiency and productivity of insurance companies, enhance cybersecurity and confidentiality of information, and protect the rights of policyholders.

The resolution will establish an integrated system to advance digital insurance service, including selling insurance policies, marketing products, collecting premiums, managing claims, submitting complaints and following them up via an electronic digital platform.

It will further drive insurance companies to keep pace with the technical revolution and reach beneficiaries through digital outlets, whether through websites or smart phone applications. It will enhance financial inclusion by making various insurance services available for public in a simple and easy way.

The electronic platforms, obligatory for insurance companies and optional for insurance brokers’ offices, will contribute to expanding the spread of insurance services and marketing products more broadly, in addition to facilitating the processes of submitting compensation requests and managing them with efficiency.

The regulations included provisions related to the security, confidentiality, and privacy of information, which oblige the insurance companies and brokers to take all necessary measures to maintain the confidentiality of the information it obtains through the platform.