Regulatory Alerts2021-01-01
Decision of the Chairman of the Authority No. (698) of 2021
The Financial Regulatory Authority of Egypt issued Decision No. (698) of 2021 to formally establish the Egyptian Pool for Outbound Travel Insurance as a mandatory centralized entity for issuing and managing travel insurance policies required for Egyptian passport issuance. The decision approves the Pool's bylaws, designating it as the sole authorized channel for licensed insurers to underwrite this coverage while mandating a standardized 300 EGP premium, a 25% reserve retention, and a structured quota distribution system among founding members. It further outlines the Pool's governance structure, financial oversight mechanisms, and coordination protocols with the Ministry of Interior and the Egyptian Insurance Union to ensure regulatory compliance and efficient claims settlement.