Regulatory Alerts2021-01-01
Chairman's Decision No. 2143 of 2021 Amending Decision No. 902 of 2016 on the Definition of Micro-Insurance and Executive Controls for Electronic Issuance and Distribution
The General Authority for Financial Supervision issued Chairman's Decision No. 2143 of 2021 to amend the policy value cap under Decision No. 902 of 2016, establishing a maximum limit of two hundred thousand Egyptian pounds for micro-insurance policies. The decision updates the executive and technological controls governing the electronic issuance and distribution of standard insurance policies through information technology networks. Effective upon publication in the Official Gazette, it mandates immediate compliance by relevant insurance companies and regulatory departments to standardize digital micro-insurance operations.
Egyptian Official Gazette - No. 134, dated June 15, 2022 | Page 31 General Authority for Financial Supervision (GAFI) Decision No. 2143 of 2021 Dated December 9, 2021 Amending Decision No. 902 of 2016 regarding the Definition of Micro-Insurance and Executive Controls for the Electronic Issuance and Distribution of Its Policies through Information Technology Networks
Chairman of the General Authority for Financial Supervision, Having reviewed Law No. 10 of 1981 issuing the Insurance Supervision and Control Law in Egypt; And Law No. 15 of 2004 regarding the regulation of electronic signatures in Egypt; And Law No. 10 of 2009 regulating supervision over non-banking financial markets and instruments; And Law No. 201 of 2020 amending certain provisions of Law No. 141 of 2014 regulating the microfinance activity; And the Basic System of the General Authority for Financial Supervision issued by Presidential Decree No. 192 of 2009; And the Board of Directors Decision No. 122 of 2015 regulating the electronic issuance and distribution by insurance companies of certain standard insurance policies through information technology networks, as amended by Decisions No. 121 of 2016 and No. 79 of 2017; And Chairman's Decision No. 729 of 2016 regarding the technological controls and information security rules associated with the electronic issuance and distribution by insurance companies of certain standard insurance policies;
(Page 32) And Chairman's Decision No. 730 of 2016 regarding the executive controls for standard insurance policies that can be issued and distributed electronically through information technology networks; And the memorandum from the Central Administration for Insurance Supervision and Control dated December 7, 2021 on this matter; HAS DECIDED:
(Article One) The last paragraph of Article One of the aforementioned Chairman's Decision No. 902 of 2016 is hereby replaced with the following paragraph: "In all cases, the policy value shall not exceed two hundred thousand Egyptian pounds."
(Article Two) This Decision shall be published in the Egyptian Official Gazette and on the Authority's electronic website, and shall take effect from the day following its publication date. It shall be notified to the concerned departments for implementation.
Chairman of the Board of Directors Dr. Mohamed Omran