Regulatory Alerts2018-01-01
Decision of the Chairman of the Authority No. (42) of 2018 Regarding the Executive Regulations for Standard Insurance Policies Issued and Distributed Electronically Through Information Network Systems
The Financial Regulatory Authority of Egypt issued Decision No. 42 of 2018 to amend its executive regulations governing the electronic issuance and distribution of standard insurance policies. The decision authorizes registered natural insurance brokers to electronically distribute specific mandatory policies, including civil liability for rapid transport vehicles, outbound travel insurance, and non-medical temporary life insurance. It also introduces new controls for personal accident insurance policies, capping coverage at 250,000 Egyptian pounds and mandating specific data fields, clear fee disclosures, and policyholder data verification clauses.
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