Egypt's regulator, the Financial Regulatory Authority (FRA), has issued its decision to obligate insurers to keep records on their activities, thus emphasising data governance.
According to news platform Al Mal News, this development requires insurance companies to maintain 13 types of records:
- Amendments
- Compensation
- Contracts
- Customer complaints
- Defaulting customers
- Facultative reinsurance operations
- Investments
- Policy issuance
- A register of insurance brokers
- A register of reinsurance brokers
- Reinsurance agreements
- Rejected operations
- Trainees
Each record should include a minimum amount of data, such as policy issuance date, broker data, investment details as well as provisions, all of which may enhance transparency and control over operations, said the article.
The FRA also mandated that insurers implement the framework within a month of the decision coming into effect.