Regulatory Alerts2016-01-01
CBI Board of Directors Resolution No. 121 of 2016
The Capital Market Authority issued Resolution No. 121 of 2016 to amend Resolution No. 122 of 2015 regarding the electronic issuance and distribution of certain standard insurance policies. The amendment formally introduces 'microinsurance policies' as a new category and expands authorized distribution channels to include licensed microinsurance premium collection channels and other entities specifically regulated under microinsurance executive controls. The resolution mandates the Authority's Chairman to issue a separate decision defining microinsurance and its specific electronic distribution technical and executive controls.
Board of Directors Secretariat
General Authority for Financial Supervision Board of Directors Resolution
No. (121) for the year 2016 dated: 2016/10/16 Amending Board Resolution No. 122 of 2015 regarding the regulation of the issuance and distribution by insurance companies of certain standard insurance policies electronically through information system networks
Board of Directors of the General Authority for Financial Supervision
Having reviewed Law No. 10 of 1981 issuing the Law on Supervision and Control of Insurance in Egypt, and its executive regulations and amendments, And Law No. 15 of 2004 regarding the regulation of electronic signatures in Egypt, And Law No. 10 of 2009 regulating supervision over markets and non-banking financial instruments, And the Statute of the General Authority for Financial Supervision issued by Presidential Decree No. 192 of 2009, And Board of Directors Resolution of the Authority No. (122) of 2015 regarding the regulation of the issuance and distribution by insurance companies of certain standard insurance policies electronically through information system networks, And Authority Chairman Resolution No. (729) of 2016 regarding technological controls and information security rules related to the issuance and distribution by insurance companies of certain standard insurance policies electronically through information system networks, And Authority Chairman Resolution No. (730) of 2016 regarding executive controls for standard insurance policies that can be issued and distributed electronically through the information system network, And with the approval of the Board of Directors of the Authority in its session held on 2016/10/16.
(Article One)
Clause (d) titled "Microinsurance Policies" shall be added to Article Two of Board of Directors Resolution of the Authority No. 122 of 2015 referred to above.
(Article Two)
The following paragraph shall be added to Article Four of Board of Directors Resolution of the Authority No. 122 of 2015 referred to above: "or through distribution channels licensed to collect microinsurance premiums".
(Article Three)
The following paragraph shall be added to Clause (b): "and other distribution channels licensed to conduct their activity by the competent authorities and specified in the executive controls for microinsurance specifically" to Article Six of Board of Directors Resolution of the Authority No. 122 of 2015 referred to above.
(Article Four)
The Chairman of the Authority shall issue a decision defining microinsurance and the necessary executive controls for its issuance and distribution electronically through the information system network.
(Article Five)
This Resolution shall be published in the Egyptian Gazette and on the Authority's website, and shall come into force from the day following its publication date, and shall be notified to the concerned departments for implementation.
Chairman of the Board of Directors Sherif Samy
[Stamp: General Authority for Financial Supervision - Chairman's Office] 46076