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2019-01-01

Circular Letter No. 2 of 2019 Regarding Safeguards for Protecting the Rights of Members of Private Insurance Funds

The Financial Regulatory Authority (FRA) of Egypt issued Circular Letter No. 2 of 2019 to enforce compliance with Decision No. 46 of 2019 regarding the protection of clients in the non-banking financial sector. The directive mandates private insurance funds to permanently display the FRA's client protection guide and related media on their official websites and social media platforms, while also requiring them to clearly inform members how to access the guide in all financial service documents. Additionally, funds must provide a printed introductory brochure to members upon receiving any insurance benefit and prominently display an FRA-approved explanatory board detailing key protection principles at all service locations.

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Egypt

Financial Regulatory Authority Egypt

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Financial Regulatory Authority

FINANCIAL REGULATORY AUTHORITY

Deputy Chairman

Circular Letter No. (2) of 2019 Dated 2019/8/6

Regarding the Safeguards for Protecting the Rights of Members of Private Insurance Funds

Decision No. 46 of 2019 issued by the Chairman of the Board of Directors of the Authority regarding the issuance of the Guide for Protecting Clients in the Non-Banking Financial Sector includes an obligation for companies and entities operating in non-banking financial activities to take all necessary measures to publish the guide and raise awareness among their clients of their rights and obligations in accordance with its provisions, and specifically to comply with the following:

  1. Clearly and permanently display the guide and the visual and audio media issued by the Authority regarding client protection on the official page of the private insurance funds' electronic website and on their social media platforms (if available).

  2. Clearly state in any document involving the provision of a financial service to members of private insurance funds how to obtain and access the client protection guide issued by the Authority.

  3. Provide members with a printed copy of the introductory brochure for the guide prepared by the Authority in this regard, when private insurance funds provide them with any insurance benefit.

  4. Display a large explanatory board in a prominent location featuring the key principles for protecting the rights of members of private insurance funds according to the model prepared by the Authority in this regard, in the fund's headquarters, its branches, and all other locations providing services to members, ensuring that the board clearly and distinctly includes the electronic link to the guide.

Deputy Chairman of the Authority Dr. Rida Abdul Mu'ti

Important Links

Smart Village, Building No. B-136, Giza, Egypt Postal Code: 12577 Telephone: +202 3534535 - Fax: +202 3534535 info@fra.gov.eg

Smart Village, Building No. B-136, Giza Postal Code: 12577 Tel.: (00202) 35345350 - Fax: (00202) 35370036 www.FRA.gov.eg

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