Egypt: Insurance law to be updated for e-sales and other issues
Source: Middle East Insurance Review | Oct 2016
Proposed amendments to the insurance law cover a wide range of areas, including updates for developments such as online sales and takaful, according to Mr Sherif Samy, Chairman of the Egyptian Financial Supervisory Authority (EFSA).
He spoke to the local media at a meeting recently with the Investment Minister, Ms Dalia Khorshid, to review the draft amendments and the legislative agenda.
The amendments will cover takaful, microinsurance, medical insurance as well as the marketing and distribution of insurance policies through electronic channels.
They also address corporate governance in insurance companies, qualifications of members of an insurance company’s board of directors, technical reserves and more objective measures of solvency. The amendments also provide for definitions of long and short-term insurance contracts.
Another aspect which is covered is the management of insurance funds, including the types of investments permitted. The amendments are to provide for an investment manager to oversee portfolio investments or the outsourcing of the investment function to asset management companies.
The draft Bill also covers the autonomy of EFSA and insurance dispute handling.