Regulatory Alerts2019-01-01
Financial Regulatory Authority Board Decision No. 15 of 2019 Amending Microfinance Regulations for Companies and Civil Institutions
The Financial Regulatory Authority (FRA) issued Board Decision No. 15 of 2019 to amend microfinance regulations for licensed companies, associations, and civil institutions. The decision mandates that microfinance providers must secure group insurance covering death and total permanent disability for clients, with coverage equal to the outstanding loan balance, while explicitly prohibiting the collection of any additional fees or commissions for this coverage. Furthermore, providers may require insurance on financed projects or assets but cannot force clients to use a specific insurer, with the decision taking effect the day after its publication in the Egyptian Gazette.
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