The Capital Market Authority has announced an initiative to cover medical tests and treatment costs for the novel coronavirus (COVID-19) infected expatriates.
The move comes to highlight the importance of the role insurance companies play in providing community support as part of the efforts exerted by public and private sector institutions while dealing with the pandemic.
A circular issued by the CMA states that the initiative includes expatriates who have insurance coverage but the policy doesn’t cover endemics as per global practices. The initiative will be effective from the date of issuance of the circular.
The circular, addressed to insurers, includes directives related to coverage of the costs and treatment of insured expatriates infected with COVID-19 within the limits of the insurance available in their respective policies when they receive treatment in any private hospital. The insurers would rely on the prices’ lists and treatment procedures approved by the Ministry of Health in addition to the costs of medical tests and treatment of expatriates who are still receiving treatment in private hospitals and the costs of medical tests of insured expatriates who develop COVID-19 symptoms.
The initiative was launched in coordination between the CMA and the Supreme Committee tasked with dealing with the epidemic and the Omani Insurance Association. In the light of the instructions, CMA will coordinate with the relevant entities to follow up the developments of the epidemic and review the results of the circular every three months.
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