Egypt: Insurers ready IT systems to cater for product review fees
Source: Middle East Insurance Review | Jan 2019
Insurers have begun to amend their electronic systems in preparation for collecting a policy review fee for the Financial Regulatory Authority (FRA), amounting to one thousandth of the total direct premiums. The payments, to be made quarterly, are set to be implemented in January 2019.
Insurers have rushed to make changes to their systems to calculate the fees and to charge them to customers, said Mr Wael Tharwat, the head of the information systems department of Suez Canal Insurance.
The FRA issued a directive in early 2018 on the payment of fees which are for the review and approval of new insurance policies or amendments of existing products. M
EGP1 = $0.06