In line with Oman Vision 2040 to achieve its objects in speeding up digital transformation moves to smart government and in continuation of the CMA’s approach in digitalizing its services to the public swiftly and easily, the Capital Market Authority launched an electronic system for licensing health insurance Third Party Administrators (TPAs).
The electronic system is part of the e-services series provided to the participants of the capital market and insurance sector through the CMA’s portal to create time saving channels for the participants coupled with best standards of quality. The CMA now has 40 electronic services in the various sectors and the TPAs licensing system is the first in the electronic transformation plan of 2021. TPAs can now apply for registrations and renewal of licenses electronically.
CMA has earlier issued licensing requirements for TPAs as a significant move to enhance the regulatory aspects of health insurance sector in the Sultanate of Oman including the components of the insurance process related to health insurance products as such companies are a party to the insurance relationship for their role in claim administration between insurance companies and health services providers through valuation of compensation and provision of a wide network of health services providers for the insurance policyholders.