Magazine date:
Jul 2012 The regulatory authorities have informed insurers that the selective underwriting policy adopted by some companies in motor insurance is in breach of the laws governing the industry. Even though motor insurance is compulsory, operators accept certain risks but deny others or propose excessive premiums. The law stipulates that all vehicles registered in the country are required to underwrite at least a third party liability insurance policy. In Oman, motor tariffs are fixed. Insurers not complying with the promulgated rules will be penalized.