Regulatory Alerts2023-01-01
Decision of the Board of Directors No. 99 of 2023
The Financial Regulatory Authority (FRA) of Egypt issued Decision No. 99 of 2023, mandating Egyptian insurance companies to adopt Egyptian Accounting Standard No. 50 on Insurance Contracts as a minimum compliance requirement. The decision establishes detailed procedural guidelines, including forming specialized committees, outsourcing technological and accounting support under strict confidentiality and risk-adjustment protocols, and implementing robust IT systems for accurate cash flow and discount rate calculations. It further defines the rights, obligations, and contractual safeguards for both insurance companies and their service providers to ensure transparent financial reporting and optimal standard application by May 30, 2023.
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