Financial Regulatory Authority

FINANCIAL REGULATORY AUTHORITY

Chairman of the Authority

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Decision of the Chairman of the Authority No. (42) of 2018 dated 27/9/2018

Endorsing Decision of the Chairman of the Authority No. (730) of 2016 regarding the Executive Regulations for Standard Insurance Policies that may be Issued and Distributed Electronically Through Information Network Systems

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Chairman of the Financial Regulatory Authority

Having reviewed Law No. (10) of 1981 regarding the issuance of the Law on Supervision and Control of Insurance in Egypt, and given its supervisory mandate; 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 over non-banking financial markets and instruments; and Presidential Decision No. (192) of 2009 regarding the issuance of the Basic Statute of the Financial Regulatory Authority; and the Authority's Board of Directors Decision No. (122) of 2015 regarding the regulation of insurance companies issuing and distributing certain standard insurance policies electronically through information network systems and its amendments; and Decision of the Chairman of the Authority No. (729) of 2016 regarding technological controls and information security rules related to insurance companies issuing and distributing certain standard insurance policies electronically through information network systems; and Decision of the Chairman of the Authority No. (730) of 2016 regarding the Executive Regulations for Standard Insurance Policies that may be Issued and Distributed Electronically Through Information Network Systems.

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Decided

(Article One)

One of the natural insurance brokers registered in the Authority's records is added to the entities permitted to make and distribute insurance policies electronically regarding mandatory insurance on 46076, civil liability arising from accidents involving rapid transport vehicles within the Arab Republic of Egypt, outbound travel insurance policies, and temporary life insurance policies that do not require a medical examination, as specified in the following items, third and fourth, of Decision of the Chairman of the Authority No. (730) of 2016 regarding the Executive Regulations for Standard Insurance Policies that may be Issued and Distributed Electronically Through Information Network Systems.

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(Article Two)

A new item numbered fifth regarding the controls specific to the Personal Accident Insurance Policy is added to the aforementioned Decision of the Chairman of the Authority No. (730) of 2016, with the following text:

Fifth: Controls specific to the Personal Accident Insurance Policy.

1. The policy application may be submitted directly by the customer through the insurance company's website or through one of the licensed insurance brokerage companies or one of the natural insurance brokers registered in the Authority's records, and in all cases, the policy coverage amount shall not exceed two hundred and fifty thousand Egyptian pounds or its equivalent in another currency.

2. The policy must include the following data:

   • Insured's name:
   • Age at contracting: Year / / Date
   • Address
   • National ID (for Egyptians)
   • Passport
   • Geographical scope of coverage
   • (Start of insurance coverage) Policy duration from /.../... to /.../...
   • Coverage amount
   • Basic terms associated with the policy: Coverages, Exclusions, Benefits or Benefits schedule, Tariffs.
   • The printed copy of the policy must clearly state, as well as the screens on the website, the insurance premium, supervisory fees, levies, issuance fees, and the general terms of the policy.
   • Names of beneficiaries in case of death (wife / son / father / ...)

3. The policy text must stipulate the policyholder's affirmation of the accuracy of the data provided in the insurance application, and any other data on which the policy was issued.

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(Article Three)

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 date. It shall be communicated to the concerned administrations for implementation.

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Chairman of the Financial Regulatory Authority

Dr. Mohamed Omran

(Signature)

46076

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Smart Village, Building no. B-136, Giza, Egypt Postal Code: 12577 Tel.: +202 35345350 - Fax.: +202 35345350 info@fra.gov.eg

Smart Village, Building no. B-136, Giza
Postal Code: 12577
Tel.: (00202) 35345350 - Fax.: (00202) 35370036 www.FRA.gov.eg