New regulation settles insurance claim disputes
The Financial Services Regulatory Authority in the Sultanate of Oman has issued a new regulatory law for conducting insurance loss assessment and estimation activities, aiming to organize the sector and set standards. The regulation repeals previous controls and outlines licensing requirements, such as that applications must come from a commercial company with a minimum capital of 50,000 Omani riyals, and that the company must have a qualified manager with suitable experience. The law grants companies a one-year grace period to align their operations accordingly, and stipulates that licenses are valid for three years and renewable. It also mandates that companies adhere to integrity and transparency standards, and prohibits them from owning shares or participating in the management of licensed insurance companies. In cases of disagreement over the loss values, clients have the right to select another licensed assessor at their own expense, and the average of estimations will be accepted if consensus is not reached. Additionally, the regulation includes provisions for administrative fines of up to 25,000 Omani riyals and other penalties for violations, with the goal of regulating and developing the insurance estimation and settlement industry in the Sultanate.
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