Egypt: Life insurers to check credit status of applicants
Source: Middle East Insurance Review | Dec 2024
The Financial Regulatory Authority (FRA) has directed life insurance companies operating in the Egyptian market to investigate the credit standing of insurance applicants who wish to buy policies with high insured sums.
The credit checks are to be made through licensed credit agencies, reported Amwal Alghad, citing the FRA.
The authority explains that this is in case a client’s income or profession/job is not commensurate with the value of the insured amount or the premiums he must pay. Also, in the event of doubt over the legitimacy of the insurance application, insurers must check whether the insurance applicant is included in the negative list or not. M