Chairman of the Authority

Decision No. (100) of 2018

Issued on 27/8/2018

Chairman of the General Authority for Financial Supervision

After reviewing 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 concerning the regulation of electronic signatures in Egypt, and Law No. 10 of 2009 concerning the regulation of supervision over non-banking financial markets and instruments, and the Statute of the General Authority for Financial Supervision issued by Presidential Decree No. 192 of 2009, and the Authority's Board of Directors Decision No. 23 of 2014 concerning the special rules for inspecting the insurance brokerage activity within the Arab Republic of Egypt, and the Authority's Board of Directors Decision No. (122) of 2015 concerning the regulation of the issuance and distribution by insurance companies of certain standard insurance policies electronically through information system networks, and the Authority's Chairman Decision No. 805 of 2016 concerning the controls for websites of insurance or reinsurance companies and brokers on the international network, and the Authority's Chairman Decision No. (729) of 2016 concerning the technological controls and information security rules related to the issuance and distribution by insurance companies of certain standard insurance policies electronically, and the Authority's Chairman Decision No. (632) of 2017 concerning the reformation of the committee for reviewing advertising and promotional materials in the field of insurance and reinsurance, and the memorandum prepared on this matter by the Honorable Advisor, Deputy Chairman of the Authority, dated 14/8/2018.

Decided

(Article One)

Two paragraphs shall be added at the end of Article Five of the Authority's Decision No. 805 of 2016, with the following text:

- (Electronic Services):

Prior approval from the Authority must be obtained when any of the entities licensed by the Authority provide insurance services, whether they are indicated and downloaded via the website or any other technological media [such as mobile applications (Mobile Application) and mobile phones (Mobil) or from individuals or entities wishing to obtain such services], in accordance with the rules and procedures approved by the Authority in this regard.

- (Advertisements / Paper / Electronic):

That committee shall be tasked with reviewing advertising and promotional materials submitted by insurance or reinsurance brokerage companies to verify them, in accordance with the controls and provisions stipulated in Article 48 bis of the Executive Regulations of Law No. 10 of 1981.

(Article Two)

The Authority's Decision No. 632 of 2017 mentioned above is hereby repealed.

(Article Three)

This Decision shall be published in the Official Gazette and on the Authority's website, and shall take effect from the day following its publication date. It shall be communicated to the concerned departments for implementation.

Chairman of the Board of Directors General Authority for Financial Supervision Dr. Mohamed Omran

Smart Village, Building No. 136, B, Giza, Egypt Postal Code: 12577 Tel.: +202 35245350, Fax: +202 35370036 info@fra.gov.eg Smart Village, Building no. B-136, Giza Postal Code: 12577 Tel.: (00202) 35345350 - Fax.: (00202) 35370036 www.FRA.gov.eg