Regulatory Alerts2017-01-01
Decision No. 79 of 2017 of the Financial Regulatory Authority Board Amending Decision No. 132 of 2015 on Electronic Issuance of Standard Insurance Policies
The Financial Regulatory Authority of Egypt issued Decision No. 79 of 2017 to amend Decision No. 132 of 2015 governing the electronic issuance and distribution of standard insurance policies. The amendment replaces Article Five with a strict compliance clause requiring that no disciplinary measures or penalties under Insurance Law No. 10 of 1981 be pending against the company or its actual manager, unless the underlying causes are resolved, the penalty is fully served, and a minimum of three months has elapsed. Approved by the Board of Directors on June 6, 2017, the decision takes effect the day after its publication in the Egyptian Gazette and on the Authority’s official website.
Board of Directors Secretariat
Decision of the Board of Directors of the Financial Regulatory Authority
No. (79) of 2017 dated 6/6/2017 Amending Decision No. (132) of 2015 Regarding the Regulation of Electronic Issuance and Distribution of Certain Standard Insurance Policies by Insurance Companies through Information Systems Networks
The Financial Regulatory Authority Board
Having reviewed the Law No. 10 of 1981 on Supervision and Regulation of Insurance in Egypt and its amendments; and the Law No. 15 of 2004 on Regulating Electronic Signatures in Egypt; and the Law No. 10 of 2009 on Regulating Supervision over Non-Banking Financial Markets and Instruments; and the Statute of the Financial Regulatory Authority issued by Presidential Decree No. 192 of 2009; and Decision No. (132) of 2015 Regarding the Regulation of Electronic Issuance and Distribution of Certain Standard Insurance Policies by Insurance Companies through Information Systems Networks; and the memorandum of the Honorable Advisor, Vice Chairman of the Authority, dated 4/6/2017; and the approval of the Authority's Board of Directors in its meeting No. (6) dated 6/6/2017.
Has Decided
(Article One)
The following text replaces paragraph (a) of Article Five of the aforementioned Board of Directors Decision No. 132 of 2015:
"a – No disciplinary measures or penalties stipulated under Law No. 10 of 1981 shall have been taken against the company or its actual manager, unless the grounds for such measures are removed or the penalty is served and at least three months have elapsed since then."
(Article Two)
This Decision shall be published in the Egyptian Gazette and on the Authority's website, and shall take effect from the day following its publication date, and the competent departments are tasked with its implementation.
Chairman of the Authority Sherif Samy
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