Electronic Joint Insurance Database Agreement Concluded

According to Oman News: joint electronic database agreement has been signed today at the Capital Market Authority (CMA) between the insurance companies operating in the Sultanate and Al-Madina Development and Supply (MDS) under the auspices of the Capital Market Authority and Royal Oman Police. MDS will implement the project within 8 months from the date of the agreement and will operate it for five years. The signing ceremony was attended by Yahya bin Said al-Jabri, Executive President of the Capital Market Authority and Maj. Gen. Salim bin Musallam Qatan, Assistant Inspector General of Police and Customs and the officials of 17 insurance companies and senior officers of Royal Oman Pol1ce and senior CMA.Yahya bin Said al-Jabri, CMA Executive President pointed out that the link between insurance companies and ROP would benefit the insurance companies and the insured as the insured will receive special treatment for compliance with the traffic rules contrary to those with many traffic offences in their records. He said it is currently difficult to distinguish between the clients due to the absence of information about the insured. The new project will allow incentives to those with no traffic offences in the form of discounted premiums with any of the 17 companies that signed the agreement.Maj.Gen. Salim Qatan, Assistant Inspector-General of Police and Customs said that the project is a step forward and will link between ROP and insurance companies for the provision of information on drivers and vehicles as regards insurance and traffic violations. He expressed hope that the project would reduce traffic accidents in the Sultanate and achieve all the expected results just like the project of minor traffic accidents. The project will host a central database of drivers, vehicles and accidents on real-time, on line basis connected to the central system of ROP. It will enable detailed and updated record of all traffic accidents, as well as, enabling search for drivers' and vehicles' details and traffic offences. The database will benefit insurance companies in insurance and reinsurance operations and enable ROP in acquiring accurate records of all the accidents in the Sultanate. The project is a step forward in auto insurance in the Sultanate and will mitigate insurance risks, ease insurance procedures in the event of accidents, and ensure justice in insurance premiums for drivers based on their record and allow insurance companies to provide new services to clients who are observing the traffic rules.

Originally published by Info-Prod Strategic Business Information.

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