Regulatory Alerts2013-01-01
Decision of the Board of Directors of the Financial Regulatory Authority No. (43) of 2013
The Financial Regulatory Authority (FRA) issued Decision No. 43 of 2013 to amend specific provisions of its previous Decision No. 36 of 2013 governing the marketing of insurance products through licensed banks. The amended decision mandates that insurance companies maintain sufficient technical provisions to meet policyholder obligations prior to license applications, establish dedicated in-branch marketing units with adequate staffing before commencing operations, and clearly define the financial compensation structure for banks regarding fees and commissions. Additionally, the decision repeals a specific item from Article Three of the prior regulation and renumbers the remaining provisions accordingly, with the amendments taking effect the day after publication in the Egyptian Gazette.