Oman - New CMA insurance fund
Tuesday, 09 03 2019, Category: Insurance and Reinsurance, Country: Oman
Oman’s Capital Market Authority (CMA) has set up a new fund to help those companies in the country that are unable to provide insurance payments to their employees.
In a statement issued, the CMA said if a company fails to meet the obligations, it will the fund will assist both the parties. “The same is highlighted under Article seven of the guidelines for the fund: the finances for this fund will come from four sources.”
A fee of 0.25 percent will be levied from life and family insurance policies, with the money earned from this fee going towards the fund. In addition, a one percent fee will be placed on general insurance policies to provide more sources of money for this fund.
The CMA will also invest the money present in this fund to generate returns on them, while donations, grants and other resources that have been sent to the fund will also be added to this, once determined by the fund board.
“The fund controls the procedures for the disbursement of aid to the concerned parties,” added the CMA.
Source: The Arabian Stories