OMAN AUTHORITY PREPARES DRAFT LAW FOR MANDATORY INSURANCE

Oman’s Capital Market Authority said in July it is working with relevant institutions to implement a Council of Ministers decision making it compulsory for private sector firms to provide their employees with health insurance.

The authority said in a series of tweets that the plans were now in the “drafting stage” for coverage to be provided to workers and their families.

“The decision aims at meeting the needs of the employees of the private sector relating to coverage of basic health, to limit the high cost to employers in the private sector, in view of the current economic situation, in addition to providing quality services by the insurance companies and healthcare to the insured,” according to the statement.

The government first announced plans for compulsory health insurance last September.