Regulatory Alerts2020-01-01
Circular No. 1 for the Year 2020
The Financial Regulatory Authority of Egypt issued Circular No. 1 for 2020 to explicitly prohibit insurance companies from issuing policies or endorsements with retroactive effect for periods where the insured risk has already expired. The directive mandates that such retroactive issuances are technically and legally invalid, and it formally warns company personnel to strictly refrain from engaging in this practice. Violations of this circular will trigger mandatory legal enforcement actions by the Authority under Law No. 10 of 1981 and its associated executive regulations and decisions.
Share