Regulatory Alerts2022-03-29 | CBE5.9Added · Updated
CBE Regulation Book 5.9 - Controls Of Practice Of Banks Bancassurance Activity
The Central Bank of Egypt mandates that banks obtain prior approval from the Supervision and Inspection Sector before engaging in bancassurance activities or contracting with insurance companies. Banks must ensure complete operational separation, maintain client confidentiality, and clearly disclose that the bank acts solely as a marketing channel while the insurance company retains full liability for products and disputes. Existing banks must regularize their status within three months, and any cessation of activity or change of partner requires immediate notification to the regulator.
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