Regulatory Alerts2016-04-03
Added · Updated
Circular dated March 28, 2016 amending the controls for banks’ practice of bancassurance activity
The Central Bank of Egypt amends Article 1, Paragraph 2 of its May 21, 2013 decision on bancassurance controls to permit banks to enter into agreements with a maximum of one insurance company for each of four specific categories: commercial property, cooperative property, commercial life, and cooperative life insurance. Banks are prohibited from combining commercial and cooperative forms for the same activity within the same branch. This amendment takes effect from the date of the circular.