2013-05-22

Controls for banks practicing bancassurance activity

The letter is addressed to the Chairman of the Board of a bank, informing him of the Central Bank of Egypt's decision to issue new guidelines for banks engaging in bancassurance activities. The letter outlines the requirements for banks to follow, including separating insurance and banking activities, maintaining transparency, and obtaining approvals from the Egyptian Financial Supervisory Authority. Banks wishing to engage in bancassurance must submit a request to the Central Bank and comply with the regulations within three months. The letter concludes with the Governor of the Central Bank of Egypt's signature.

Egypt

Central Bank of Egypt

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