Ahmed Ali Al Mamari, Vice President for Insurance sector said “We endeavor to organizing this workshop to explain the procedures and mechanisms for approval of insurance products by emphasizing on the key requirements for approval of each product to ease the approval process for marketing in the Omani market which achieve two objectives, developing the products offered in the Omani market and to ensure high quality products to encourage innovation in offering insurance products in the local market beside providing efficient protection for policyholders.”
He added “The review and approval process of insurance products is currently carried out by Omani youth which makes us proud to see national cadres able to reach such level and contribute to the development of the Omani insurance industry.”
Rashid Al Rashdi, Director of Insurance Institutions Regulation Department said in the opening speech” CMA reviewed the rules regulating the process of marketing insurance products, and new rules were drafted to regulate the process in line with the developments and changes in a manner that take into account the technical and legal requirements for marketing such products. The new rules contain all procedures and mechanisms that lead to improvement of the products available in the Omani market.”
He added “list of requirements for consideration of the application by CMA is set out as well as mechanism for pre- marking surveillance. You may be guided by the attached annexures to the lists. We assert our keenness to provide adequate protection for policyholders through selection of legally and professionally sound products.”
The workshop included a number of topics the first was on insurance product and steps of approval, the second was elaborate explanation of the presentation of insurance products, the third was about actuarial studies required from the company actuary for the insurance product and the fourth was related to explaining all the queries about the insurance products regulations.
The workshop targeted compliance officers of insurance companies, underwriting officers, reinsurance officers and the employees who study insurance products and lastly company actuaries approved by CMA.
The workshop emphasized that the insurance product must be compatible with the code of conduct of insurance companies, the product must be designed based on sound insurance principles, the risks must be clear and transparent without any ambiguity and the policy must be fair for both the insured and insurer.
The regulation was issued in October 2017 to provide for professional standards to enhance the quality of the products in light of the market’s expansion and evolvement.