Regulatory Alerts2013-05-22
Added · Updated
Controls for banks practicing bancassurance activity
The Central Bank of Egypt issues Decision No. 2013/1010 establishing controls for banks engaging in bancassurance, requiring them to obtain prior approval from the Banking Supervision Sector before contracting with insurance companies. Banks are limited to agreements with a maximum of two insurers, must ensure complete separation between banking and insurance activities, and are prohibited from assuming liability for insurance products or claims. Existing banks must regularize their status within three months of the decision's effective date of May 21, 2013, and must notify the Central Bank of any cessation of activity or change of insurer.
More like this from CBE
CBE published 2 documents in the last 30 days. We email you each new one the day it's published.