Regulatory Alerts1994-04-03 | No. 34/94Royal Decree No. 34/94 on the Vehicle Insurance Law
Sultan Qaboos bin Said issued Royal Decree No. 34/94 to mandate compulsory third-party insurance for all vehicles operating within Oman, covering death, physical injuries, treatment costs, and property damage to third parties. The decree empowers the Capital Market Authority to standardize policies, establish a security fund for claims involving unidentified vehicles, and tie vehicle registration directly to valid insurance coverage. It establishes strict rules for policy cancellation, direct lawsuits by injured parties against insurers, a two-year prescription period for claims, and financial penalties or temporary suspension for non-compliant insurance companies.
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