Regulatory Alerts2022-01-01
Board Decision No. 189 of 2022 Amending Decision No. 122 of 2015 on the Electronic Issuance and Distribution of Standard Insurance Policies
The Financial Regulatory Authority issued Board Decision No. 189 of 2022 to amend Article 6 of its prior Decision No. 122 of 2015, expanding the scope of eligible entities authorized to electronically issue and distribute standard insurance policies through information systems networks. The amendment explicitly includes registered insurance brokerage companies, licensed travel agencies and airlines, licensed telecommunications firms, e-commerce stores, and other specifically designated distribution channels. This decision takes effect the day following its publication in the Egyptian Gazette and on the Authority's official website.
Egyptian Gazette – No. 35, Part (A) dated February 12, 2023
3 Decisions of the Financial Regulatory Authority Board Decision No. 189 of 2022 dated December 14, 2022 amending Board Decision No. (122) of 2015 regarding the regulation of issuance and distribution by insurance companies of certain standard insurance policies electronically through information systems networks
Board of Directors of the Financial Regulatory Authority Having reviewed Law No. 10 of 1981 on Supervision and Regulation of Insurance in Egypt, issued by Law No. 10 of 1981, and its Executive Regulations; And Law No. 10 of 2009 on Regulating Supervision over Non-Banking Financial Markets and Instruments; And Board Decision No. 122 of 2015 regarding the regulation of issuance and distribution by insurance companies of certain standard insurance policies electronically through information systems networks; And Chairman's Decision No. 902 of 2016 regarding the definition of Microinsurance and the Executive Controls for its electronic issuance and distribution through information systems networks; And having obtained the approval of the Board of Directors at its meeting held on December 14, 2022;
Egyptian Gazette – No. 35, Part (A) dated February 12, 2023
4 HAS DECIDED:
( Article One ) The text of Item (b) in Paragraph 1 of Article 6 of the aforementioned Board Decision No. 122 of 2015 is replaced with the following text: (Article 6 – Paragraph 1 – Item "b"): (b) that the entity be one of the insurance brokerage companies registered in the Authority's records, or one of the licensed travel agencies or airlines operating under the competent authorities, or one of the licensed telecommunications companies or e-commerce stores operating under the competent authorities, or other distribution channels licensed to operate by the competent authorities and specifically stipulated in the Executive Controls for Microinsurance.
( Article Two ) This Decision shall be published in the Egyptian Gazette and on the Authority's official website, and shall take effect from the day following its publication date in the Egyptian Gazette.
Chairman of the Board of Directors Financial Regulatory Authority Dr. Mohamed Fared Saleh