Egypt: Council of Ministers approves draft insurance law
Source: Middle East Insurance Review | Dec 2020
The Council of Ministers has approved the country’s draft unified insurance law, a move which takes the much-awaited draft legislation closer to enactment.
The Cabinet decision stated that the new draft law sets out specific and comprehensive rules for the insurance industry in Egypt, and organises the rules for supervision and control over them, reported Al Mal.
This is the first time a unified and comprehensive law will regulate the supervision and control mechanisms over the practices of insurance activity in Egypt.
The draft stipulated that the Financial Regulatory Authority, exclusively, shall have jurisdiction over the establishment, licensing, and control of entities engaged in insurance, reinsurance, and associated services, professions and related activities.
New areas covered by the draft legislation include microinsurance, private insurance funds and litigation in economic courts. The draft also introduces new compulsory classes of insurance.
The draft bill consolidated four separate laws passed over the years. The first draft of the proposed insurance law was announced at the end of 2018. M