Regulatory Alerts2019-01-01
Decision of the Board of Directors of the Financial Regulatory Authority No. 46 Rec. of 2019 dated 28/3/2019
The Financial Regulatory Authority of Egypt issued Decision No. 46 Rec. of 2019 to amend the registration conditions for electronic collection companies handling mandatory automobile and fast transport vehicle insurance policies. The amendment mandates that these companies must explicitly list electronic collection as a commercial objective and maintain a minimum paid-up capital of five million Egyptian pounds dedicated solely to this activity. Furthermore, it strictly prohibits these entities from conducting any insurance business, requiring that all electronic collection operations be managed through independent and separate financial accounts.
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