Capital Market Authority Issues Directions to Insurance Companies on COVID-19

The Capital Market Authority has directed insurance companies to cover coronavirus patients under the health insurance system. A circular issued by the Capital Market Authority has stated that the initiative includes the provision of medical examinations and treatment for those infected with COVID-19 who are covered by the health insurance system. As current health insurance policies do not include epidemics within their coverage limits in accordance with the prevailing global practices in providing health insurance coverage in all countries of the world, the initiative will begin to be applied from the date of the issue of this circular. In the context of this approach, the circular addressed to insurance companies included the need to adhere to a set of regulatory instructions represented in covering the costs of medical examinations and treatment for insured persons infected with COVID-19 according to the limits of insurance coverage available in their documents, when receiving treatment in any of public or private hospitals. Insurance companies will also rely on the price list and manual of treatment procedures approved by the Ministry of Health, to cover the costs of medical examinations and treatment for the virus, and confirm the circular that insurance companies bear the costs of medical examinations and treatment for insured expatriates, who are still receiving treatment in public hospitals or private hospitals, and for covering the costs of medical examinations for those who show symptoms of COVID-19. The Capital Market Authority is also studying a project to establish a ‘disaster’ fund which would handle compensation for risks which are not covered by ordinary insurance such as COVID-19 or compensation for those who do not have insurance coverage against risks arising from such disasters. Full story

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