Regulatory Alerts2021-01-01
Decision of the Chairman of the Authority No. (2287) of 2021 Regarding Certain Clarifications Accompanying the Personal Accident Insurance Policy Form for Egyptians Working Abroad Approved by Chairman's Decision No. 1661 of 2021
The Financial Regulatory Authority issued Decision No. 2287 of 2021 to attach supplementary clarifications to the Personal Accident Insurance Policy Form for Egyptians Working Abroad, which are integral to Decision No. 1661 of 2021. The decision mandates a coverage limit of 100,000 Egyptian Pounds for both accidental and natural death, covering actual corpse preparation, shipping, and transportation costs while distributing the remainder to legal heirs. It establishes a seven-day regulatory notification period with flexibility for acceptable excuses, confirms the Group's subrogation rights up to paid compensation amounts, and preserves the heirs' right to recover any excess from liable third parties.
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