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الجمعة، 20 سبتمبر 2019

15 new items in the draft insurance law .. most notably the establishment of micro insurance companies

15 new items in the draft insurance law .. most notably the establishment of micro insurance 

Insurance Laws in Egypt

The Egyptian Financial Supervisory Authority (EFSA) has completed the preparation of the first integrated legislation regulating insurance activity in Egypt

 1- Regulating the Takaful insurance activity and practicing the compulsory insurance activity on cars through a specialized insurance group for this purpose

 2 - Entry of health care companies of both types under the supervision of the Commission to regulate the rules of incorporation and the conditions of conducting its work, while allowing a period to reconcile the situation

 3. Allow the establishment of micro insurance companies with appropriate capital for their activities, and authorize the issuance of life and general insurance products together to those companies in accordance with the regulations set by the Authority

 4- Facilitating the procedures of establishing and licensing establishments by practicing the activity through unifying the establishment and licensing authorities

 5. Updating the license conditions and requirements in accordance with international standards, to allow the establishment of specialized companies in one of the branches of insurance such as specialized short and long-term medical insurance companies or car insurance


Insurance Laws in Egypt

 6. Raise the solvency of insurance and reinsurance companies by raising the minimum capital at incorporation

 7- The project was keen to reconsider the investment policies and rules of investment portfolio distribution in insurance companies and private insurance funds in order to increase investment returns in the framework of acceptable risks and achieve the principles of conformity of assets and liabilities

 8. The law specifies the mechanisms and rules of mergers and acquisitions of insurance companies, as well as the rules of merger of private insurance funds

 9. With regard to the complaints mechanism, the project adopted the development of mechanisms for settling customer complaints, settling disputes and settling grievances, and defining the role of the arbitration and dispute settlement center of the Authority

 10. Granting powers to the Board of Directors of the Financial Supervisory Authority to issue regulations and rules in line with economic variables, including the principles of corporate governance and the pursuit of sustainable development through the insurance axis

Insurance Laws in Egypt

 11. Updating and developing the requirements, conditions and continuation of licensing for occupations related to the insurance and reinsurance industry in accordance with the best international standards, and separating the schedules of workers and non-employees

 12. Allowing the establishment of a federation or associations of professions related to the insurance industry, thus increasing their performance, and adding agricultural insurance of all kinds as one of the main branches of insurance to encourage companies to practice this type

 13. Raise the amounts of insurance contained in the system by the law of compulsory insurance No. 72 of 2007 after the inclusion of its texts for the project

14 - Create a mechanism characterized by a degree of legislative flexibility to allow the creation of some types of compulsory insurance needed by society, as is the case with some legislation governing some advanced insurance markets

 15. Developing the voluntary insurance system represented by private insurance funds

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