Regulatory Alerts2019-01-01
Decision of the Board of Directors of the Financial Regulatory Authority No. 37 of 2019 on Conditions for Registering Electronic Collection Companies for Compulsory Auto Insurance Premiums
The Financial Regulatory Authority of Egypt issued Decision No. 37 of 2019 to establish a formal register and strict regulatory framework for electronic collection companies handling compulsory auto insurance premiums. The decision mandates that only Egyptian joint-stock companies with a minimum five million Egyptian pound paid-up capital and exclusive electronic collection activities may register, requiring professional liability insurance, annual financial reporting, and daily transaction reconciliation with licensed insurers. It further outlines a three-year renewable registration term, specific fees, mandatory quarterly reporting by insurers, and enforcement measures including warnings, management changes, suspension, or license revocation for non-compliance.