Arab Reinsurance Company: a new dimension
Home   |   Sitemap   |   Contact us
Follow us on
Is Climate Litigation Covered by Insurance? - Social Inflation or Science: What Is Fueling Climate Litigation? - Fortegra Europe Opens Branch in Czech Republic - Vantage launches Construction and Political risk business - UK Insurers Cautiously Willing to Underwrite Fire Safety Risks - Insurtech Foxquilt Raises $8M to Expand Small Business Offering in U.S. and Canada - Speciality Re/Insurer Convex Launches European Subsidiary With A- Rating From S&P - Debt surge in emerging markets may hurt insurance outlook: Swiss Re - Zurich Insurance Weighs Selling Some Australian Non-Core Assets - Reinsurers Face Major Claims Uncertainties, but Reap Benefits of Pricing Tailwinds - Corvus, SiriusPoint announce investment & underwriting capacity partnership - Munich Re backs energy storage systems provider ESS - Climate Change Could Force 200 Million People to Leave Their Homes by 2050 - Work of the scientific community and re/insurers needed to assess climate change: Lloyd’s - Gallagher Re Touts Advanced Integrated Reinsurance Analytics Platform - London Financial Employees Return to Offices Despite Rising Virus Cases - P/C Reinsurers Maintain Underwriting Discipline, Despite Rising Capacity: Guy Carpenter - Britain Looks to Revisit Data Privacy Regulations - WTW, Applied Systems target real-time pricing enhancements - Reinsurance environment “most attractive in a decade”: SCOR’s Launay - Willis Towers Watson’s New CEO Says It Has $5 Billion for Possible Acquisitions - Lloyd’s Reports H1 2021 Profit of £1.4B ($1.9B), with 92.2% Combined Ratio - Global Reinsurers Shoulder ‘Considerable Burden’ of COVID-19 Claims - “Inflation is the enemy of the re/insurance industry,” says Swiss Re CFO Léger - Global Reinsurance Rates, Demand to Continue Rising in 2022: Moody’s - Prudential’s Michael Koller joins MS Amlin as Chief Risk Officer - Rates need to and will harden further: Swiss Re CEO Mumenthaler - Russia’s Renaissance Insurance Plans $1 Billion IPO in Moscow: Reuters
Search Search
World News & Events
Enlarge Font Minimize Font

Oman - CMA Directs insurers to extend coverage beyond 70 years

Wednesday, 09 09 2020, Category: Insurance and Reinsurance, Country: Oman
The Capital Market Authority (CMA) has followed up with concern the discussions about the difficulty of rescheduling the loans of the retirees in accordance with the Diwan 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.

CMA and the Central Bank of Oman (CBO) considered the possibility of offering incentives and adequate flexibility for the loans of the Omani employees who retired under the Diwan Circular which instructed to retire not less than 70% of the Omani employees working for the government units whose service term is 30 years.

Hence, CMA directed the insurance companies to extend the insurance coverage to 70 years for the loans of those affected by the Circular.

It is noteworthy that the insurers demonstrated consent to cooperate and extend the insurance coverage for death and disability up to 70 years for borrowers and to consider the borrowers on specifying the new insurance premium and not to charge additional amounts or administrative fees, and for individual cases not to deem the extension of the coverage for the retirees affected by the Circular as new policy if the loan amount is not increased, but to be treated as extension only.

Insurance coverage on the life of borrowers is essential element to protect the parties from expected risks, such as death or disability preventing the borrower from work and payment of monthly loan installments and therefore default in payment of the loan, in addition to its importance for the financing entities for preservation of wealth and sustainability of the business.

All copyrights reserved, Arab Reinsurance 2016 ©