Egyptian Financial Supervisory Authority

Egyptian Financial Supervisory Authority

Decision No. (730) of 2016
Date: 2016/8/28
Regarding the Executive Regulations for Standard Insurance Documents That May Be Issued and Distributed Electronically via Information Systems Networks (According to Latest Amendment)

Chairman of the Egyptian Financial Supervisory Authority

After reviewing Law No. 10 of 1981 issuing the Law on Supervision and Control of Insurance in Egypt, and its Executive Regulation and amendments, and Law No. 15 of 2004 regarding the regulation of electronic signatures in Egypt, and Law No. 10 of 2009 regarding the regulation of supervision on non-banking financial markets and instruments, and the Statute of the Egyptian Financial Supervisory Authority issued by Presidential Decision No. 192 of 2009, and the memorandum of the Honorable Advisor, Deputy Chairman of the State Council, Legal Advisor to the Authority dated 2015/9/1, and the Authority Board of Directors Decision No. (122) of 2015 regarding the regulation of insurance companies issuing and distributing some standard insurance documents electronically via information systems networks, and the Authority Chairman Decision No. (729) of 2016 regarding technological controls and information security rules related to insurance companies issuing and distributing some standard insurance documents electronically.

Decided

(Article One)

Insurance companies that have obtained the Authority's approval to issue standard insurance documents electronically through the company's information systems and to make the document printable and distributable by the policyholder directly or through one of the entities approved by the Authority, all in accordance with Decision (122) of 2015, shall comply with the executive regulations for insurance documents attached to this Decision.

(Article Two)

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

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Signature: Sherif Samy, Chairman of the Authority

Smart Village, Building 136 – B, Giza
P.O. Box: 12577
Tel: 25245250 – Fax: 25270027

20 Ammar El-Din St. – Cairo
P.O. Box: 11111
Tel: 25792340 – Fax: 25745598

28 Talaat Harb St. – Cairo
P.O. Box: 25450
Tel: 25758807 – Fax: 25758581

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Executive Regulations for Standard Insurance Documents

That May Be Issued and Distributed Electronically via Information Systems Networks

First: General Regulations

1. The Authority's prior approval is required for the agreement contract concluded between the insurance company and the distribution entity, and its terms must include the minimum of the following basic data:

   a. The contractual obligations of each party to the contract. b. The commitment of both contracting parties to maintain the confidentiality of customer data and information pertaining to each party.
   c. The financial allowances granted to the distribution entity according to each type of standard insurance document shall be specified in the contract.

2. The insurance document must stipulate that the coverage validity is linked to the payment of the first premium by the customer through issuing a debit instruction from their account or depositing the amount with the entity approved by the Authority to distribute insurance documents issued electronically by an insurance company.

3. The printed copy of the document, as well as the screens on the website for entering document data and printing it, must clearly include a paragraph confirming via watermarks that the distribution entity is merely a marketing and distribution channel and is not responsible for the terms and conditions of the insurance products being marketed, nor for the payment of any claims, and that liability rests solely with the contracting insurance company.

4. The printed copy of the document must clearly include its printability linkage, the name of the entity, and the user performing the printing.

5. The printed copy of the document, as well as the screens on the website for entering document data and printing it, must clearly include sufficient information to contact the insurance company's call center for electronic distribution customer service, to respond to inquiries and receive complaints, and such data must include the designated phone numbers and email address for contacting the aforementioned call center.

6. The document must state that it does not require the policyholder's/insured's signature.

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Signature: Sherif Samy, Chairman of the Authority

Smart Village, Building 136 – B, Giza
P.O. Box: 12577
Tel: 25245250 – Fax: 25270027

20 Ammar El-Din St. – Cairo
P.O. Box: 11111
Tel: 25792340 – Fax: 25745598

28 Talaat Harb St. – Cairo
P.O. Box: 25450
Tel: 25758807 – Fax: 25758581

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Second: Special Regulations for the Mandatory Civil Liability Insurance Document Arising from Accidents of Rapid Transport Vehicles within the Arab Republic of Egypt

1. The request to issue the document electronically shall only be available through its employees or licensed insurance brokerage companies contracted with the Authority. The insurance company must take all necessary measures to protect electronically issued insurance documents against forgery and manipulation via printing (watermark – prominent logo, etc.). While adhering to the regulations for issuing mandatory insurance documents issued by the Authority in its circular letter dated 2009/11/12 and any subsequent regulations issued by the Authority on this matter.

2. The document must include the following data:

• Validity period from ... to ...
  (which includes the thirty days following the period for which tax was paid)
• Policyholder name
• Previous insurance company name (in case of renewal)
• Occupation, profession, or industry
• Address
• Telephone
• Vehicle details
  • License plate number and type
  • Registration authority
  • Car brand
  • Car model/type
  • Year of manufacture
  • New or used
  • Chassis number
  • Engine number
  • Number of cylinders
  • Engine cylinder capacity

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Signature: Sherif Samy, Chairman of the Authority

Smart Village, Building 136 – B, Giza
P.O. Box: 12577
Tel: 25245250 – Fax: 25270027

20 Ammar El-Din St. – Cairo
P.O. Box: 11111
Tel: 25792340 – Fax: 25745598

28 Talaat Harb St. – Cairo
P.O. Box: 25450
Tel: 25758807 – Fax: 25758581

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Third: Special Regulations for Outbound Travel Insurance Document

1. The document request may be made directly by the customer through the insurance company's website or through one of the "tourism companies, travel agencies, or airlines" licensed by the competent administrative authorities and having been in operation for at least one year, or licensed insurance brokerage companies, and in all cases, the document value shall not exceed fifty thousand US dollars or its equivalent in another currency.

2. The document must include the following data:

• Insured name:
• Age at contracting: years
• Date: / /
• Address:
• Telephone:
• Passport number
• National ID number (for Egyptians)
• Location or geographical area where coverage will apply
• Insurance period (coverage start) from / / to / /
• Basic terms related to the document: Coverages, Exclusions, Benefits schedule, Tariffs

3. The printed copy of the document, as well as the screens on the website, must clearly include the insurance premium, supervision fees, stamps, issuance fee, and general terms of the document.

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Note: This Decision was amended by the Authority Chairman Decision No. 659 of 2017 dated 2017/7/17

Smart Village, Building 136 – B, Giza
P.O. Box: 12577
Tel: 25245250 – Fax: 25270027

20 Ammar El-Din St. – Cairo
P.O. Box: 11111
Tel: 25792340 – Fax: 25745598

28 Talaat Harb St. – Cairo
P.O. Box: 25450
Tel: 25758807 – Fax: 25758581

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Fourth: Special Regulations for Temporary Life Insurance Document Not Requiring a Medical Examination

1. The document request may be made directly by the customer through the insurance company's website or through one of the licensed insurance brokerage companies.

2. The document must include the following data:

• Contracting party name (Policyholder)
• Contracting party address (Policyholder)
• Insured name
• Occupation
• Contracting party (Insured) date of birth
• Sum insured
• Insurance start date
• Insurance period
• Insurance end date
• Periodic / Single premium
• Beneficiary names in case of death (wife / son / father, etc. ...)
• Basic terms related to the document: Coverages, Exclusions

3. The document text must include a statement confirming that the policyholder is responsible for the accuracy of the data provided in the insurance application and any other data on which the document was issued.

4. The electronic application must be accompanied by a scanned copy of a valid National ID card or a passport and residence permit for non-Egyptians.

5. The printed copy of the document, as well as the screens on the website, must clearly include the supervision fees, stamps, issuance fee, and general terms of the document.

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Signature: Sherif Samy, Chairman of the Authority

Smart Village, Building 136 – B, Giza
P.O. Box: 12577
Tel: 25245250 – Fax: 25270027

20 Ammar El-Din St. – Cairo
P.O. Box: 11111
Tel: 25792340 – Fax: 25745598

28 Talaat Harb St. – Cairo
P.O. Box: 25450
Tel: 25758807 – Fax: 25758581