Dr Mohamed Farid, the chairman of the Financial Regulatory Authority (FRA) has called on insurance companies to adjust their operations to the recently enacted Unified Insurance Law.
This came during a meeting between Dr Farid and leaders of the insurance sector, organised by the Insurance Federation of Egypt (IFE), reported Amwal Alghad.
Dr Farid said that the Authority was working on issuing all the necessary executive decisions and regulations to implement the Unified Insurance Law.
He also said that policies and procedures aimed at digitalising financial transactions and enhancing the use of FinTech to increase the number of beneficiaries of insurance coverage.
He stressed as well the need for insurers to invest in training and developing the capabilities of professionals to create cadres capable of raising the efficiency and competitiveness of the Egyptian insurance industry, especially actuaries.
Participants at the meeting discussed the mechanisms for raising the efficiency and competitiveness of the insurance sector and enhancing its pivotal role in supporting the Egyptian economy.
In July 2024, Egyptian President Abdel Fattah El-Sisi ratified the Unified Insurance Law, the provisions of which apply to insurance and reinsurance activities and related insurance services, professions, and activities. The law grants insurance companies a one-year transitional period to comply with the provisions of the law. The FRA is empowered to extend this period up to a maximum of three years from the date of the new law’s entry into force.
The law's provisions include some mandatory lines of insurance, including insurance coverage of government assets, divorce, cyber risk, as well as professional indemnity.