Oman’s insurance sector regulator the Capital Market Authority (CMA) has urged insurance companies to suspend manual transactions and provide electronic insurance services to their customers to curb the spread of coronavirus.
The CMA has issued a circular to all insurance companies, brokers and agents urging them to take a number of precautionary measures as part of the instructions of the Supreme Committee tasked with handling the developments resulting from the outbreak of COVID-19.
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The CMA called on the companies to adopt e-services in rendering insurance services and avoid direct transactions requiring visits to the offices of the companies.
The insurance companies have been urged to take following measures:
Suspend all manual services and close all services counters at the head-office. Rendering the service electronically only through social media, online and smart applications.
Advertise to the policyholders in the electronic media that the company will not be able to receive the clients in the offices and that the service would be provided only through the electronic media and applications.
Documents related to claims would only be accepted electronically.
Provide a communication centre working 24/7 to render the various services to policyholders including underwriting, claims, inquiries and support.
Provide the CMA with a work plan to ensure continuity of provision of insurance services easily and continuously.
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The Arab states of the Persian Gulf are the seven Arab states which border the Persian Gulf, namely Bahrain, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).This excludes the non-Arab state of Iran. All of these nations except Iraq are part of the Gulf Cooperation Council (GCC).