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2023-01-01

Financial Regulatory Authority Board Resolution No. 69 of 2023 on Insurance Companies' Obligation to Provide Technological Infrastructure for Database Linkage

The Financial Regulatory Authority (FRA) issued Resolution No. 69 of 2023, mandating insurance companies to establish the technological infrastructure required to link their databases with the Authority's central database. The resolution requires these companies to electronically provide eight specific categories of data, including policy issuance, claims, designated funds, reinsurance balances, and branch information, all of which remain confidential and accessible exclusively to the Authority. Companies are granted a six-month compliance period, extendable by another six months for specific data categories upon approved justification, with the resolution taking effect immediately following its publication in The Official Gazette and on the Authority's website.

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8 The Official Gazette – No. 85 (Continued) dated April 11, 2023

The Financial Regulatory Authority (FRA) Board of Directors Resolution No. 69 of 2023 Dated March 29, 2023 Regarding Insurance Companies' Obligation to Provide the Necessary Technological Infrastructure for Linking Their Database with the Authority's Database

The Board of Directors of the Financial Regulatory Authority Having reviewed the Law on Supervision and Regulation of Insurance in Egypt, issued by Law No. 10 of 1981, and its Executive Regulations; and the Law No. 10 of 2009 on Regulating Supervision over Non-Banking Financial Markets and Instruments; and following the approval of the Authority's Board of Directors in its session held on March 29, 2023;

RESOLVES:

(Article 1) Insurance companies are obligated to provide the necessary technological infrastructure for linking their database with that of the Authority, in accordance with the regulations specified by the Authority. The aforementioned insurance companies are further obligated to make the following data available to the Authority through electronic systems prepared in accordance with Paragraph 1 of this Article:

  1. Data on persons whose contracts were rejected and the reasons for rejection.
  2. Data on distressed customers and those who have stopped loan repayments in credit insurance cases.
  3. Data regarding the issuance register, including data on policy issuance, amendment, and cancellation, issuance settlements, and premium collection.
  4. Data regarding the claims register, including notification data, claim payments, and settlements.
  5. Data regarding the designated funds register (linking funds by type, fund revenues, and expenses related to funds).
  6. Data regarding the reinsurance agreements register, the optional operations register, and the credit and debit balances of reinsurers.
  7. Data on the company's headquarters and branches.
  8. Any other data requested by the Authority. The aforementioned customer and company data and information shall be confidential and may only be disclosed to the Authority, which shall establish regulations governing their handling.

(Article 2) Insurance companies subject to the provisions of this Resolution are granted a grace period of six months to align their operations with its provisions, which may be extended by an additional six months for items (3, 4, 5, 6) stipulated in Article 1 of this Resolution, based on justifications submitted by the company and approved by the Authority.

(Article 3) This Resolution shall be published in The Official Gazette and on the Authority's electronic website, and shall take effect from the day following its publication date.

Chairman of the Board of Directors, Financial Regulatory Authority Dr. Mohamed Fared Saleh

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