Regulatory Alerts2020-01-01
Circular No. 7 of 2020 Regarding the Settlement of Medical Insurance Branch Claims
The Financial Regulatory Authority of Egypt issued Circular No. 7 of 2020 mandating all medical insurance companies to expedite the settlement of claims from policyholders and healthcare service providers. This directive aims to alleviate financial pressures on regulated entities and the public during the coronavirus pandemic while reinforcing mutual trust between insurers and clients. The measure ensures the insurance sector maintains its vital role in mitigating the economic and social repercussions of the current crisis.
Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY
Deputy Chairman of the Authority
Circular No. (7) of 2020
Issued on 2020/4/7
Regarding the Settlement of Medical Insurance Branch Claims
In the context of the state's plan to address the economic and social repercussions of the "coronavirus" and the current period's requirement for the concerted efforts of all state institutions to mitigate these repercussions.
And in light of the measures being taken by the Authority to alleviate the burden on supervised entities and their counterparties, thereby contributing to the insurance sector fulfilling its vital role in addressing current conditions.
The Authority emphasizes the necessity for all insurance companies engaged in medical insurance activities to take the necessary steps to expedite the settlement of claims from customers and service providers, thereby contributing to enhancing mutual trust between customers and insurance companies.
Deputy Chairman of the Authority
Advisor / Rida Abdel Moeity
Smart Village, Building 136, Giza, Egypt
Postal Code: 110
Telephone: +202 3574535
Fax: +202 3577016
WWW.FRA.GOV.EG
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