Final draft of unified insurance bill outlined, says FRA chairman

MENA , Monday 29 Jul 2019

A file photo of Egypt's Financial Regulatory authority in Cairo (Photo: Al-Ahram)

A final draft of a proposed unified insurance bill has been outlined, said chairman of Egypt's Financial Regulatory Authority (FRA) Mohamed Omran Monday.

The bill is set to be reviewed by the FRA board in its next meeting, Omran said in a statement.

The bill consists of 10 chapters and 233 articles (some amended and others newly introduced) that were outlined by a number of experts in the field of insurance and related services, he added.

A public survey on the issue was taken into consideration when drafting the bill, which was then thoroughly revised by FRA experts, Omran noted.

Some articles tackle the Takaful insurance and micro-insurance, which is mainly concerned with marginalised segments of society, the FRA chairman said.

It also encourages agricultural insurance and urges expansion in subscription.

Omran made it clear that, under the new bill, the FRA is given the authority to establish insurance facilities, besides its main job of issuing practice permits.

Mechanisms of electronic supervision are also included as part a digital transformation plan, he noted.

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