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The Financial Services Authority (FSA) in Oman has reaffirmed that no insurance company in Oman has been granted approval to increase vehicle insurance premiums. The regulator warned it will take firm legal action against companies that do not comply with the officially approved pricing.
The FSA emphasised that any deviation from approved premiums constitutes a violation of the regulatory framework and principles of fair competition. Such actions undermine consumer protection and the stability of the insurance market, the Authority said, according to a report by the Oman Observer.
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Last week, the FSA disclosed that some insurance firms were raising premiums on mandatory third-party vehicle insurance without permission. It stressed that as the sole regulatory and supervisory body for the insurance sector in Oman, it had not issued any such approvals.
Consumers are urged to report any irregularities or lodge complaints regarding vehicle insurance pricing directly through the FSA’s official channels.
The authority reiterated its commitment to safeguarding the rights of policyholders and ensuring fair market practices in the insurance industry.
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