The Financial Regulatory Authority (FRA) has issued its first unified services guide for the non-banking financial sector, including the insurance industry.
Issued as part of the FRA’s vision to improve the business environment, simplify procedures and promote transparency and data availability, the comprehensive guide supports the establishment of a strong, advanced non-banking financial sector capable of attracting local and foreign investments, achieving financial inclusion and ensuring economic stability.
FRA Chairman Dr Mohamed Farid affirmed that the guide implements the regulator’s ambitious plan to develop the sector’s institutional and regulatory infrastructure. He said, “This guide is not simply a reference; it represents a pivotal executive tool for the Authority’s digital transformation. Its purpose is to lay the foundation for unifying procedures and ensuring unwavering fairness and efficiency in the delivery of services.”
The guide serves as the official and sole reference for all companies, institutions, and individuals dealing with the Authority in all the main areas under the Authority’s supervision. These areas encompass the (re)insurance sector, the capital market, and other non-banking financing sectors. Furthermore, the guide details governance measures, including financial reporting, compliance procedures, complaints handling, auditor oversight and various other related functions.
The comprehensive guide was designed to achieve the highest degree of transparency by standardising procedures through precise definitions for each service, clearly defining the required documents and the application mechanism, thus eliminating personal interpretations, in addition to defining timeframes through a mandatory and specific timetable for obtaining each service, which ensures speed and efficiency of performance, as well as the rules and regulatory controls for each activity.
The guide can be accessed here.