The Financial Regulatory Authority (FRA) has so far issued 47 regulations to implement and enforce the Unified Insurance Law, which was enacted in July 2024, revealed FRA Chairman Mohamed Farid.
Speaking at the 7th Sharm Rendezvous that was held on 8-10 November, Dr Farid said that this number represented 80% of the total expected to implement the year-old insurance law, reported Amwal Alghad.
He also said that the FRA is working on additional regulations, including, most notably, a decision on rules and percentages for investing government insurance funds. This will establish, among other provisions, a minimum allocation of 5% for investments in listed securities and open-ended investment funds.
The regulations issued by the FRA since July 2024 covered matters such as raising the minimum capital of insurance companies, strengthening corporate governance, enhancing controls on digitalisation, and adopting International Financial Reporting Standard No. 17 (Insurance Contracts).
Title deed insurance
Dr Farid also revealed that the FRA had approved the issuance of a title deed insurance policy. The approved text of the policy has been sent to the Insurers Federation of Egypt for it to be disseminated among insurance companies in the Egyptian market.
He urged insurers to market this policy by working with real estate developers. The new insurance product presents an opportunity for insurance companies to increase their premium revenue.
He added that the Authority has succeeded in putting the insurance sector on a sustainable growth path, noting that insurance companies are well-positioned to continue growing.
He said that an electronic linkage between insurance companies and the FRA has been established, enabling the online identification of customers and digital sales.