Egypt: Regulatory officials give update on progress of legislative work on new insurance law
Source: Middle East Insurance Review | Dec 2021
The Egyptian Parliament is expected to finish debating the revised insurance Bill by the first quarter of next year, the Financial Regulatory Authority (FRA) vice chairman Reda Abdel Moaty has said.
In the House of Representatives, about 65% of the new insurance law has already been discussed, and the deliberations are scheduled to be completed next month, said the assistant to the FRA chairman Hesham Ramadan.
Last November, the Egyptian cabinet, headed by Dr Mostafa Madbouly, approved the draft bill for a unified insurance law. The new law stipulates that the FRA shall have the exclusive jurisdiction to license and supervise insurance and reinsurance entities as well as associated services, professions and related activities. The draft also introduces new categories of compulsory insurance. New areas covered by the draft legislation include microinsurance, private insurance funds and litigation in economic courts.
The draft bill consolidates four separate laws passed over the years. The first draft of the proposed unified insurance law was announced at the end of 2018. M