Regulatory Alerts2023-01-11 | No. E/3/2023Standard Extended Warranty for Motor Vehicle Insurance Policy
The Capital Market Authority of Oman has issued Decision No. E/3/2023 mandating the Standard Extended Warranty for Motor Vehicle Insurance Policy to cover mechanical and electrical failures after manufacturer warranties expire. The regulation establishes clear definitions, premium structures, and specific obligations for insurers to process claims within three working days while outlining insured responsibilities regarding maintenance and safety testing. It explicitly excludes chassis repairs, paint damage, tires, and depreciation from natural usage, while allowing policy cancellation without claims and transferability to new vehicle owners.
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