The Capital Market Authority has organized a seminar on insurance sector and motor insurance in the Sultanate for educational supervisors and administrative staff of the Directorate of Education, Governorate of Dhahirah under the auspices of Hamed Salim Al Naamani, Director General of Education, Governorate of Dhahirah on Monday 6th January 2014.
The seminar commenced with a lecture on insurance delivered by Ahmed Abdullah Al Hanaei from the Department of Insurance Audit of the CMA in which he said insurance is the process of transferring risk from the insured to the insurer. There are many types of insurance such as home, health, properties, motor, life, credit insurance, personal accidents, marine, air and transport. He added there are insurance principles such as insurance interest, good faith, direct cause, indemnity and subrogation.
He said there are 22 insurance companies operating in the Sultanate including 10 national companies and 12 foreign companies and one reinsurance company in addition to 32 brokers.
Then Badr Salim Al Mahrouqi of the Department of Awareness and Media gave a lecture on the role of CMA in regulating the insurance sector which is vital role through the insurance legislations such as Insurance Companies Law promulgated by Royal Decree No. 12/1979 as amended, the Executive Regulation of the Insurance Law No. 5/1980, Regulation for Investment of Insurance Companies’ Funds, Motor Insurance Law promulgated by Royal Decree No. 34/1994, Unified Insurance Policy, Personal Accidents Supplement, Insurance Emergency Fund, Insurance Brokers Regulation, Reinsurance Strategy, Code of Corporate Governance of Insurance Companies, Bankassurance Directives and Insurance Agents Regulation.
Al Mahrouqi concluded that due the importance of the motor insurance and the increased number of traffic accidents CMA had invented, in cooperation with Royal Oman Police, a procedure for minor traffic accidents using a form to be filled by the parties of the accident without the need to wait for the police.