Regulatory Alerts2022-03-29 | CBE5.9CBE Regulation Book 5.9 - Controls Of Practice Of Banks Bancassurance Activity
The chapter sets out regulations for banks to follow when engaging in bancassurance activities in Egypt. Banks must adhere to the Insurance Supervision and Control Law No. 10 of 1981 and its executive regulations, refraining from agreements with insurance companies that involve underwriting or claims settlement on their behalf. When advertising insurance products, banks must disclose the insurance company's full name and avoid claiming that insurance is free. Banks must also maintain account confidentiality and ensure the separation of banking and insurance operations when hosting insurance company employees on their premises. To engage in bancassurance, banks must obtain approval from the Central Bank of Egypt and comply with specific guidelines, including conducting due diligence on insurance partners and obtaining necessary licenses and approvals from the Financial Regulatory Authority.