Regulatory Alerts2013-01-01
Decision of the Board of Directors of the General Authority for Financial Supervision No. (36) of 2013 (Updated 2013) on Marketing Insurance Products Through Central Bank-Licensed Banks
The General Authority for Financial Supervision (GAFI) issued Decision No. 36 of 2013 to regulate the marketing of standard insurance products through Central Bank of Egypt-licensed banks. The decision mandates that insurance companies meet strict licensing conditions, including regularized legal status, sufficient technical provisions, and absence of regulatory sanctions, while requiring banks to serve solely as marketing channels with clear liability disclaimers. It further establishes minimum contractual obligations, operational controls, staff training requirements, and a three-month compliance deadline for existing operators.
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