Regulatory Alerts2025-01-01
Decision No. (902) of 2016 Concerning the Definition of Microinsurance via Information Systems Networks and Executive Controls for Issuing and Distributing Electronic Documents
The General Authority for Financial Supervision issues Decision No. (902) of 2016 to define microinsurance and establish executive controls for its electronic issuance and distribution through information systems networks. The regulation mandates a "Use & File" approval system, caps policy values at forty thousand Egyptian pounds, and authorizes specific entities such as insurance agents, microfinance companies, banks, and licensed telecommunications and e-commerce platforms to distribute these documents electronically. It further imposes strict requirements on policy content, customer data handling, periodic reporting, staff training, and contractual agreements between insurers and distributors to ensure transparency and consumer protection.