Capital Market Authority’s investor and insurance services go digital

BUSINESS REPORTER

MUSCAT, NOV 23

The Capital Market Authority (CMA) has announced the successful roll-out of six electronic services to facilitate the delivery of services to investors, insurance policyholders and other stakeholders.

The e-services are available via the Authority’s website as well as mobile apps.

They include a system for submitting complaints against companies operating in the insurance sector (insurance companies, brokers, agents and valuators of cancelled motor vehicles), a system for complaints against companies operating in the capital market sector (public joint stock companies and the companies operating in the field of securities) beside the other electronic services such as enquiries, whistleblowing, applications for assistance from the fund for assistance of the injured and heirs of the deceased and compensation for damage incurred in traffic accidents, as well as the service for calculation of the value of the cancelled vehicles.

The complaints registration service, one of the most popular among the CMA’s e-services, underlines the Authority’s commitment to safeguarding the rights of insurance policyholders and investors in the capital market.

It enables customers to file their complaints electronically and attach all related statements and documents. The complainant receives a response in three working days unless the nature of the complaint requires more time.

Whistleblowers too can go online to alert the Authority about any wrongdoing or irregularity by companies operating in the capital market and insurance sectors.

The service assures complete confidentiality.

The CMA also enables customers to seek clarifications with regard to any procedures and services rendered by the Authority.

Furthermore, a service for calculation of the value of cancelled vehicles was added to the website and mobile apps.

The service elicits information about the vehicle, first time buying value or insurance value, date and date of the accident and then informs the user of the value of compensation from the insurer.

The Authority has also introduced an e-service for the benefit of users seeking assistance from a special fund for those injured in accidents. A platform for communication with insurance companies has also been established.