Regulatory Alerts2019-01-01
Decision No. 16 of 2019 of the Financial Regulatory Authority Board Issuing the Standard Collective Microfinance Insurance Contract for Microfinance Beneficiaries
The Financial Regulatory Authority (FRA) of Egypt issued Decision No. 16 of 2019 to mandate the use of a standardized collective insurance contract for microfinance beneficiaries provided by eligible associations, institutions, and companies. The regulation caps monthly premiums at 30 piastres per thousand Egyptian pounds of the insured amount, establishes annual actuarial premium reviews, and defines coverage for death and total permanent disability with specific exclusions and claim procedures. It further outlines underwriting policies, premium payment terms, required documentation for claims, jurisdictional clauses, and contract renewal mechanisms to ensure uniform protection for microfinance clients.
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