MUSCAT: In a major relief, the Capital Market Authority (CMA) on Monday directed all insurance firms to extend the insurance coverage provided on loans taken by retired Omani government employees to 70-years.
The decision from CMA comes after consultations with the Central Bank of Oman to help those Omanis who were asked to retire from government jobs after completing their 30-years of service.
“The Capital Market Authority has followed up with concern the discussions about the difficulty of rescheduling the loans of the retirees in accordance with the Diwani Circular No. 6/5/2020 in line with their retirements pensions as the loans were covered until 60 years of age as per the applicable regulations for the importance of the insurance coverage for the borrowers and financiers. Hence, CMA directed the insurance companies to extend the insurance coverage to 70 years for the loans of those affected by the Circular,” the statement from CMA said.
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According to the CMA decision, borrowers aged 70 and above will be eligible for health insurance due to the coronavirus pandemic.
