Regulatory Alerts1997-01-01
Decision No. 394 of 1997 on Rules Governing Insurance Brokerage Practice, Broker Obligations, and Prohibited Acts
The Egyptian Insurance Regulatory Authority issued Decision No. 394 of 1997 to establish comprehensive regulatory rules governing insurance brokerage activities, broker obligations, and prohibited conduct. The regulation mandates strict registration requirements, prohibits conflicts of interest and dual roles in claims adjustment or actuarial work, and imposes detailed fiduciary duties toward both insurance companies and clients regarding confidentiality, accurate disclosure, and premium handling. It further outlines specific obligations for reinsurance brokers, establishes disciplinary penalties including warnings, suspensions, and deregistration for violations, and defines formal investigation procedures to enforce compliance.
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