The Financial Regulatory Authority (FRA) has approved the registration of the Government Fund for Insurance Against Medical Error Risks, in line with regulations concerning insurance operations covered by the Fund.
The rules define the scope of coverage, the categories of beneficiaries, and insurance premiums to enhance the efficiency and sustainability of the medical malpractice insurance system.
Dr Islam Azzam, FRA Chairman, affirmed that registering the fund and issuing the rules regulating the insurance operations it covers represent an important step to activate the medical liability insurance system, thus providing a clear and fair framework to protect the rights of recipients of medical services, while taking into account the interests of members of the medical professions and health facilities, reported Amwal Alghad.
He said that the FRA, when setting out medical liability insurance operations, aimed to balance providing effective insurance protection and sustaining the Fund’s financial resources by relying on actuarial studies in determining and reviewing premiums, in addition to setting clear controls for coverage and mechanisms for disbursing compensation.
Mandatory licensing
Subscription to the Fund is a prerequisite for medical professionals for obtaining and renewing practising licences, as well as for licensing medical facilities, which ensures the expansion of insurance protection.
Annual subscription fees
The FRA has set the annual premiums for natural persons who are members of the medical profession according to the branch of work and the degree of specialisation.
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Medical branch
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Premium per year (EGP)
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General practitioner
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Specialist
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Doctors
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240 ($4.75)
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920
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Dentists and physical therapists
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160
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400
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Pharmacists
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240
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Others
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100
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Fresh graduates receive a 25% discount on the annual fee in their first licensing period
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The Authority obligates the Board of Directors of the Fund to assign one of the actuaries registered with it to prepare an actuarial study based on the actual experience gained during the first three years of the Fund’s existence, with the possibility of conducting further studies whenever the need arises.
These studies aim to review prices and determine appropriate premium levels in light of the Fund's actual results and experience.
Coverage for death, disability, and injuries resulting from medical errors
The Fund is responsible for providing insurance coverage and compensating beneficiaries for cases of death, disability, or physical injuries resulting from medical errors, in accordance with the provisions of the insurance policy issued by the Fund.
The Fund may provide insurance coverage directly, or by contracting with insurance companies, or an insurance pool approved by the Authority.
It may also cover other damages resulting from medical errors in accordance with the regulations, except for cases where medical liability is absent, or fraud or deception is involved.
The Fund reserves the right to seek recourse against the person who caused the serious error, or who exceeded the limits of the professional licence, or used illegal means, or refused to treat emergency cases.