Egypt: Parliamentary committees examine draft insurance law
Source: Middle East Insurance Review | May 2021
The Economic Affairs Committee of the House of Representatives has held meetings to consider and discuss the Bill for a long-awaited unified insurance law, said media reports. The meetings were held in conjunction with the committee on constitutional and legislative affairs.
The Bill proposes that the new insurance law shall apply to insurance activities and related services, and the Financial Regulatory Authority shall have the exclusive jurisdiction to establish, license, and control insurance and reinsurance entities, and the services associated with them, as well as the professions and activities associated with them.
Among other measures, the draft law introduces several new compulsory insurance lines, and has provisions to regulate the activities of private insurance funds.
The draft law stipulates that the economic courts, with the exception of disputes and cases that the Council of State are concerned with, shall have jurisdiction over disputes and cases arising from the application of the provisions of the law, and cases arising from the crimes stipulated in the law.
When the Bill is passed, the Egyptian insurance market will for the first time have a unified and comprehensive law that regulates supervision and control mechanisms over the insurance activities in Egypt. The new insurance law is expected to be passed this year. M