The chairman of the Financial Regulatory Administration (FRA) announced on 29 July 2019 the finalization of a unified bill to update the rules related to takaful insurance, agricultural insurance [4], microinsurance or the management of TPA (Third Party Administrator) medical risk.
Under this bill, the FRA will also be empowered to determine the types of insurance to be made compulsory. The 233-item bill was produced by experts and specialists in all areas of insurance and reinsurance. It will also enable the compliance of Egyptian solvency standards with international ones, the revision of dispute resolution mechanisms and the promotion of the digitalization of the sector.
In addition, the new legislation aims to improve the governance of insurance companies. The list of candidates for the positions of chairman and board of directors' members must be submitted to the Financial Regulatory Administration
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