Regulatory Alerts2016-01-01
Chairman's Decision No. (902) of 2016 Concerning the Definition of Microinsurance and the Executive Regulations for the Electronic Issuance and Distribution of Its Policies Through Information Systems Networks
The Financial Regulatory Authority issued Decision No. 902 of 2016 to formally define microinsurance and establish executive regulations for its electronic issuance and distribution through information systems networks. The regulation mandates a "File & Use" approval process, restricts coverage to personal and property lines with a maximum policy value of 100,000 Egyptian pounds, and authorizes specific entities such as licensed microfinance companies, banks, and civil society organizations to distribute these policies electronically. Furthermore, it imposes strict operational controls including standardized policy wording, mandatory customer service contact information, anti-forgery measures, quarterly reporting obligations, and insurer responsibilities for staff training and claim settlement timelines.