The Capital Market Authority (CMA) on Wednesday said that it has imposed a RO10,000 fine on Takaful Oman Insurance Company for breaching the Standard Motor Insurance Policy Schedule.
‘The executive president of CMA issued a disciplinary decision imposing RO10,000 fine on Takaful Oman Insurance Company for breaching Table (b) of the Standard Motor Insurance Policy Schedule which resulted in misleading some policyholders of the existence of insurance coverage for personal accidents in compulsory insurance cover,’ the CMA said in a statement.
The CMA also obliged Takaful Oman Insurance Company to compensate policyholders who suffered damage due to the breaches of the company.
The Standard Motor Insurance Policy was issued by the CMA to regulate the relationship between policyholders and insurers to maintain the rights and obligations of the parties and reduce disputes.
‘The personal accident addendum is a crucial service in motor insurance package and is a basic benefit in the comprehensive insurance and optional benefit in the compulsory insurance. A large portion of the motor vehicle owners are keen to add this benefit to hedge against the expected risks while driving,’ the CMA said.
The CMA called upon all insurance companies and brokers to comply with the legal and professional provisions when rendering the insurance service to the customers.
The regulator also urged policyholders to contact the customer service departments in the insurance companies and the institutional services department of the CMA in case of queries and complaints relate to the insurance services.
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