Financial Regulatory Authority Board Decision No. (133) of 2021

FINANCIAL REGULATORY AUTHORITY

Chairman of the Authority

Board Decision No. (133) of 2021 dated 2021/8/18 Amending Board Decision No. (27) of 2019 Regarding the conditions and regulations for registering electronic collection companies for insurance premium receipts

The Board of Directors of the Financial Regulatory Authority Having reviewed Law No. (10) of 1981 on Supervision and Regulation of Insurance in Egypt, and its Executive Regulations; and Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments; and Board Decision No. (27) of 2019 regarding the conditions and regulations for registering electronic collection companies for insurance premium receipts; and following the approval of the Board of Directors in its meeting held on 2021/8/18;

Decided:

(Article One)

The text of Item (4) of Article Four of Board Decision No. (27) of 2019 regarding the conditions and regulations for registering electronic collection companies for insurance premium receipts is replaced with the following:

(Article Four - Item "4"):
4- The electronic collection company is obligated to deposit the collected amounts in the insurance company's bank accounts within a deadline of five days from the collection date, or at the latest one month from the issuance date.

(Article Two)

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 in the Egyptian Gazette.

Chairman of the Board of Directors of the Authority Dr. Mohamed Omran

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