Regulatory Alerts2021-01-01
Chairman's Decision No. 166 of 2021
The Egyptian Insurance Authority, through Chairman's Decision No. 166 of 2021, amends the bylaws and issuance conditions of the Egyptian Travel Insurance Pool to expand its mandate for managing travel and personal accident insurance policies for Egyptians working abroad. The decision establishes fixed premiums of 300 EGP for travel insurance and 100 EGP annually for personal accident insurance, while detailing the administrative procedures, financial accounting, and profit-sharing mechanisms among licensed insurance companies. It further mandates a biennial review of share distributions by the Authority and approves updated distribution models based on historical direct premiums, shareholders' equity, and a designated 5% discretionary share for National Insurance Company.