Oman's Financial Services Authority (FSA) has said that it has held discussions with insurance companies on developing a unified model for motor claims practices.
In a post on its X account, the FSA said that the objective is to promote fairness and enhance customer protection.
The FSA conducted an annual meeting with claims managers, underwriting managers and customer service officials of insurance companies earlier this week, during which the subject was raised.
The meeting included in-depth discussions on ways to standardise operational mechanisms and insurance practices among insurance companies, protecting the rights of all parties, and reducing discrepancies in the application of procedures faced by those dealing in the insurance market, reported the news platform Al Sahwa.
The meeting also reviewed the most significant challenges associated with divergence from current insurance policies, emphasising the importance of joint coordination and the adoption of best practices that comply with the laws and regulations in force in the Sultanate.
The Authority affirmed its continued commitment to developing the insurance system in Oman, ensuring the protection of customers, raising the efficiency of services and enhancing the sector’s position as one of the vital pillars of the national economy.