Regulatory Alerts2020-07-19 | No. KH34/2020Regulation on Health Insurance Third Party Administration and Claims Management
The Capital Market Authority of Oman issued Decision No. KH34/2020 to regulate health insurance third party administration and claims management activities. The regulation mandates licensed entities to maintain a minimum capital of RO 200,000, employ qualified full-time managers and doctors, secure professional liability insurance, and integrate electronic systems with the CMA. Licensees must adhere to strict data confidentiality, standardized claim adjudication, and quarterly fraud reporting while facing administrative penalties and license suspension or cancellation for non-compliance.
Share