Oman – New draft ins. policy to help needy borrowers

People in Oman who have died or suffered disabilities due to illness or accidents can have the remainder of their loans paid by their insurance companies, according to a new policy that is being discussed by the Capital Market Authority (CMA).

The draft policy is currently on the CMA’s website, www.cma.gov.om, where people can go through it and contact the authority with any changes to this policy that they feel are important.

“In order to ensure the participation of the community in the drafting of laws and regulations governing the insurance sector, we invite you to view the draft standard policy form of life insurance borrowers available on the website of the authority,” said CMA. “The draft is available from today and for two weeks in Arabic and English. You can send comments to the following email: risk.management@cma.gov.om.” Under the policy, called the Unified Credit Life Policy, “the insurer shall, in case of death of the insured for whatever reason during the policy validity term, pay the remaining amount of the loan as specified in the amounts reduction table as from the date of death established by the official entities,” according to the draft regulations proposed by the CMA.


Source: Times of Oman