Regulatory Alerts2018-01-01
Decision of the Board of Directors of the Authority No. (144) of 2018
The Financial Regulatory Authority (FRA) of Egypt issued Board Decision No. 144 of 2018 to mandate a service fee of one per thousand of total direct premiums for the review and approval of new or amended insurance policy forms. Insurance and reinsurance companies, as well as cooperative insurance associations, must remit this fee to the Authority within two weeks following each quarterly financial year-end. Furthermore, regulated entities are strictly prohibited from passing this fee on to policyholders or insured parties at any rate exceeding the stipulated one-per-thousand threshold.
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