Oman – New regulations for insurance intermediaries
Tuesday, 05 02 2017, Category: Insurance and Reinsurance, Country: Oman
The Capital Market Authority issued the new regulations that will govern the work of insurance intermediaries. The decision includes obtaining final approval for the categories of insurance intermediary, reinsurance intermediary and insurance & reinsurance intermediary.
The decision stipulates that the intermediary will obtain his commission from the insurance company within 7 days from the premium payment. Moreover, the due claims of the customer or beneficiary should not paid to the intermediary. In case such claims payments are made to the intermediary, the insurer will still be liable to the customer or beneficiary until he officially receives indemnification. This will be the agreed upon between the intermediary and the insurance company.
Source: Al Watan - Oman