Regulatory Alerts2019-01-01
Decision No. 104 of 2019 of the Board of Directors of the Financial Regulatory Authority on Marketing Insurance Products through a Nasser Social Bank Branch
The Financial Regulatory Authority issued Decision No. 104 of 2019 to establish the regulatory framework for marketing standard insurance products through branches of Nasser Social Bank. The decision requires participating insurers to maintain adequate technical reserves, avoid recent regulatory sanctions, and implement strict operational controls including dedicated branch spaces, clear client disclosures of the bank's limited liability, and comprehensive staff training. Additionally, it mandates detailed written agreements with the bank covering fees, confidentiality, complaint mechanisms, and dispute resolution, with all applications subject to prior Authority approval.
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