Muscat: Financial Services Authority (FSA) has reiterated that it has not issued any approvals to any insurance company to raise vehicle insurance premiums and that it will take firm legal action if firms do not adhere to the prices announced and approved by the Authority.
FSA added that the legal action against companies will be for violating the regulatory framework or the principles of fair competition, as part of its efforts to protect the rights of insured persons and ensure the stability of the insurance market.
Last week, FSA stated that some insurance companies were raising mandatory vehicle insurance premiums (third-party insurance), and confirmed in its capacity as the official regulatory and supervisory body for the insurance sector in the Sultanate of Oman that no such approvals were granted to companies operating in the sector.
In case of any inquiries or complaints related to the applicable vehicle insurance prices, it urged consumers to contact the Authority directly through official channels.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.