Regulatory Alerts2019-01-01
Circular Letter No. 11 of 2019 Regarding Consumer Protection Guidelines for Insurance Companies
The Egyptian Financial Regulatory Authority (FRA) issued Circular Letter No. 11 of 2019 to enforce Decision No. 46 of 2019 regarding consumer protection standards for non-banking financial entities. The circular mandates insurance companies to permanently display the FRA’s consumer protection guide and related media on their official websites and social media channels. Furthermore, insurers must clearly direct clients to the guide in all service documentation, distribute printed awareness brochures upon policy issuance, and prominently install standardized consumer protection principle boards at all headquarters, branches, and client-facing locations.
Deputy Chairman of the Authority
Circular Letter No. (11) for the Year 2019
Dated 2019/8/6
Regarding Consumer Protection Guidelines for Companies Operating in Insurance Activities
The Chairman of the Board of Directors of the Authority issued Decision No. 46 of 2019 regarding the issuance of the Consumer Protection Guide for the Non-Banking Financial Sector, which includes an obligation for companies and entities operating in non-banking financial activities to take all necessary measures to disseminate the Guide and educate their clients on their rights and obligations in accordance with its provisions, and specifically to comply with the following:
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Clearly and permanently display the Guide and the visual and audio media issued by the Authority regarding consumer protection on the official page of the company’s website and on its social media platforms (if available).
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Clearly state in any document providing a financial service to the company’s clients how to obtain and access the Consumer Protection Guide issued by the Authority.
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Provide clients with a printed copy of the awareness brochure for the Guide prepared by the Authority in this regard when the company offers them any insurance product.
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Place a large explanatory board in a prominent location featuring the key consumer protection principles according to the model prepared by the Authority in this regard, at the company’s headquarters, branches, and all other locations providing services to clients, ensuring the board clearly and prominently includes the electronic link to the Consumer Protection Guide issued by the Authority.
Deputy Chairman of the Authority
Advisor / Rida Abdul Muaty
Important Links
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The Comprehensive Guide for Consumer Protection in the Non-Banking Financial Sector.
http://www.fra.gov.eg/jtags/efsa_ar/pdf/guide/guide-1.pdf -
Consumer Protection Guide for the Non-Banking Financial Sector in Insurance Activities
http://www.fra.gov.eg/jtags/efsa_ar/pdf/guide/guide-4.pdf -
Comprehensive Awareness Brochure on the Consumer Protection Guide for the Non-Banking Financial Sector
http://www.fra.gov.eg/jtags/efsa_ar/pdf/guide/guide-11.pdf -
Comprehensive Awareness Brochure on the Consumer Protection Guide for the Insurance Sector
http://www.fra.gov.eg/jtags/efsa_ar/pdf/guide/guide-7.pdf -
Model Explanatory Board Featuring Key Consumer Protection Principles in the Insurance Sector
http://www.fra.gov.eg/jtags/efsa_ar/pdf/guide/posterINS.pdf
Smart Village, Building no. B-136, Giza
Postal Code: 12577
Tel.: (00202) 35345350 - Fax.: (00202) 35370036
www.FRA.gov.eg
Smart Village, Building B-136, Giza, Egypt
Postal Code: 12577
Tel.: +202 35345350 - Fax.: +202 35370036
info@fra.gov.eg