GCC unified extended insurance indemnity plan to be implemented retroactively as of January 2006

The announcement came at the end of their 5th meeting held recently in Doha.

An official delegation from the UAE General Pension and Social Security Authority (GPSSA) headed by Sultan Al Gaith, GPSSA Director General participated in the meeting.

Participants noted that all relevant authorities should be informed about the unified extended insurance indemnity plan without delay.

They highlighted the recommendations of the technical committee for common investment projects in the GCC countries and decided to set up a GCC common investment fund. The fund will be given privileges normally provided for local retirement and social security funds across GCC.

Participants also decided to assign the permanent technical committee to oversee the e-library project presented by Oman Social Security. Committee will define the project's goals, cost, monitoring, and implementation mechanisms. This will be achieved through the collaboration of the committee with the Oman Social Security and General Secretariat.

Participants also discussed the unified system project for social security pensions and retirement expected to be ready by 2010. This system will result from both the civil retirement and the social security unified systems, and will be adopted in GCC countries as of January 2010.

The themes and host countries of the three forthcoming regular seminars have been approved. These include a seminar on "GCC Retirement and Social Security Funds: Challenges and Solutions", to be held in Bahrain in 2006. A seminar on "Role of Internal Auditing in GCC Civil Retirement and Social Security Authorities" to be held in Kingdom of Saudi Arabia in 2007, and a seminar on "Implementation of Extended Insurance Indemnity Plan" to take place in Oman in 2008.