Egypt: Regulator said insurers are to record sales calls with customers
Source: Middle East Insurance Review | Mar 2024
The Financial Regulatory Authority (FRA) has stressed to insurance companies that they have to install a system to record calls or meetings, video and/or audio with clients.
This follows complaints received from the public about losses suffered after purchasing products such as unit-linked investment units or in surrendering policies. Customers either did not understand the terms and conditions of the policies or the terms and conditions of the insurance policies were unclear.
Insurers’ calls are to provide a sufficient explanation of the terms of an insurance policy, such as the rights and obligations of all parties, as well as the essential clauses, such as the surrender clause, said the FRA in a circular.
Previously, the FRA issued a statement requiring insurance companies to provide policyholders with a summary of the product and service information and a report on the performance of investment accounts in unit-linked investment plans. This is to enable policyholders to know the approximate amount that they can expect to receive when they surrender their policies.
The objective is to enhance the level of transparency and protection accorded to policyholders. M