The Financial Regulatory Authority (FRA) has issued a circular allowing insurance companies to use the property and liability insurance policy templates approved by the Authority and provided by the Insurers Federation of Egypt, without the need to obtain separate approval for each company.
The move aims to simplify procedures and accelerate the pace of work in the insurance market.
The decision was made following dialogue conducted by the Authority with insurance companies operating in Egypt, with the aim of reducing administrative burdens and raising the efficiency of insurance product approval procedures, while maintaining the necessary regulatory controls to protect the rights of policyholders.
Prior notification
Under the new regulation, insurance companies may use the approved forms after notifying the FRA in advance and attaching a declaration signed by the company’s legal representative of full compliance with the form and its approved terms.
The move is limited to property and liability insurance policies, and does not include personal and savings insurance policies, which remain subject to the procedures regulating the approval of their products.