Egypt: Regulator gives green light to e-insurance policies

Source: Middle East Insurance Review | Oct 2016

The Egyptian Financial Supervisory Authority (EFSA) has issued executive decisions addressing the issuance and distribution of insurance policies electronically for the first time in Egypt.

Mr Sherif Samy, EFSA Chairman, said that following discussions with the Insurance Federation of Egypt, the executive regulations were issued for insurance contracts that can be issued and distributed electronically, reported The Egyptian Today. The move is for selected categories of insurance.

The Authority also stipulated the technological and information system requirements that should be in place to effect e-policies and to secure data.

Mr Samy said that the e-insurance policies would apply to compulsory third-party auto insurance, travel insurance and short-term life insurance that does not require a medical examination. The value of the insurance should not exceed EGP500,000 (US$56,303) or its equivalent in a foreign currency.

EGP1 = US$0.11

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