Regulatory Alerts2019-01-01
Decision of the Board of Directors of the Authority No. (17) of 2019
The Financial Regulatory Authority of Egypt issued Decision No. 17 of 2019 to exempt group microfinance insurance contracts covering recipients of financing from granting entities, including associations, institutions, and companies, from the review and approval fee for new insurance models and documents previously mandated by Decision No. 152 of 2018. This exemption is implemented to stimulate and encourage the expansion of microfinance activities within the Egyptian market. The decision takes effect the day following its publication in the Egyptian Gazette and on the Authority's official website.
Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY
Chairman of the Authority
Decision of the Board of Directors of the Financial Regulatory Authority
No. (17) for the year 2019 dated 2019/7/7
Exempting Microfinance Insurance Contracts and Recipients of Microfinance
from the fee for reviewing and approving new insurance models and documents, as specified by a
Decision of the Board of Directors of the Authority No. 152 of 2018
Board of Directors of the Financial Regulatory Authority
Having reviewed Law No. 10 of 1981 issuing the Law on Supervision and Control of Insurance in Egypt and its Executive Regulation and amendments,
and Law No. 10 of 2009 concerning the regulation of supervision over markets and non-banking financial instruments,
and Presidential Decree No. 197 of 2009 issuing the Basic Statute of the Financial Regulatory Authority,
and Decision of the Board of Directors of the Authority No. (173) of 2014 concerning the rules and regulations for companies conducting microfinance activities,
and Decision of the Board of Directors of the Authority No. (31) of 2015 concerning the rules and standards for civil society associations and institutions conducting microfinance activities,
and Decision of the Board of Directors of the Authority No. (152) of 2018 concerning the determination of the fee for reviewing and approving new insurance models and documents,
and the approval of the Board of Directors at its meeting held on 2019/7/7
Decided
(Article One)
Group microfinance insurance contracts covering recipients of financing from granting entities (associations from categories (A) and (B) / institutions / companies) are exempted from the fee for reviewing and approving new insurance models and documents as specified by Decision of the Board of Directors of the Authority No. 152 of 2018, as a contribution to and encouragement for the growth of this activity.
(Article Two)
This Decision shall be published in the Egyptian Gazette and on the Authority's website, and shall take effect from the day following its publication in the Egyptian Gazette.
Mohamed Omran
Board of Directors of the Authority
Office of the Chairman of the Authority
46076
Smart Village, Building no. B-136, Giza
Postal Code: 12577
Tel.: (00202) 35345350 - Fax.: (00202) 35370036
www.FRA.gov.eg
Smart Village, Building 136 - B, Giza, Egypt
Postal Code: 12577
Telephone: +202 35345350 - Fax: +202 35370036
info@fra.gov.eg