Oman: Authority issues regulation on health co-insurance
Source: Middle East Insurance Review | Nov 2024
Financial Services Authority (FSA) chairman Saeed Mohammed Ahmed Al Saqr has approved a regulation on co-insurance in the health insurance branch.
The regulation aims to put in the groundwork to increase insurance premium retention ratios in Oman and reduce the need for reinsurance abroad. This is by allowing unlicensed insurers companies to obtain co-insurance licences for health insurance by acting as reinsurers, the FSA said.
The regulation is based on recommendations from an actuarial study on health insurance pricing, carried out in collaboration with an international consultancy firm.
FSA aims to create specialised health insurance companies improving customer services and reducing the need for foreign reinsurance to mitigate losses.
FSA’s regulation covers operating mechanisms, limits of co-insurance of the risks of health insurance among the insurance companies, obligations related to the issuance of co-insurance policies as well as terms and conditions for administration of the policy and the administrative penalties for the violations regarding co-insurance licensing directives. M