Oman Capital Market Authority Decision No. E/3/2023

Issuing the Standard Extended Warranty for Motor Vehicles Insurance Policy

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Pursuant to the Insurance Companies Law issued by the Oman Sultani Decree No. 12/1979,

The Oman Sultani Decree No. 90/2004 on Transferring Insurance Jurisdiction from the Ministry of Commerce and Industry to the Capital Market Authority,

The Approval of the Board of Directors of the Capital Market Authority, and

and in pursuance of public interest,

It has been decided,

Standard Extended Warranty for Motor Vehicles Insurance Policy

Chapter One - Definitions

In the application of these provisions, the following words and expressions shall have the meaning respectively ascribed to them unless the context otherwise requires:

  1. The policy: The Extended Warranty for Motor Vehicles Insurance Policy and its appendices.

  2. The extended warranty: the insurance coverage of the mechanical or electrical failures in the insured vehicle; which commences when the manufacturer’s warranty expires.

  3. The insurer: the insurance company licensed to operate in Oman.

  4. The insured: the owner of the vehicle covered by the extended warranty and is obliged to pay the premium and the policy is issued in their name.