Dr. Islam Azzam, Chairman of the Financial Regulatory Authority, affirmed the Authority’s keenness to revitalize the insurance market in Egypt and increase its contribution to the gross national product, and its readiness to assist companies in facilitating and accelerating the adoption of new insurance products, in light of the obligations stipulated in the Unified Insurance Law No. (155) of 2024.

This came during an extensive meeting held by the Chairman of the Authority with the appointed members and representatives of the management of insurance companies operating in Egypt, in the presence of Dr. Ahmed Abdel Aziz, Vice Chairman of the Authority, Counselor Reda Abdel Moaty, Senior Advisor to the Authority, and a number of its leaders and officials of the concerned departments.

Dr. Islam Azzam explained that the meeting with the companies aimed to study updating the regulatory framework for product approval and reviewing the terms and models of documents for all branches of insurance and their amendments, within the framework of consolidating community dialogue, and the Authority’s keenness to maintain continuous communication with all parties in the non-banking financial markets, and to discuss proposals for developing the market and raising the efficiency of services and products.

He stressed the need for companies to strive to introduce more innovative insurance products at a faster pace, and to respond to the changing needs of customers, by diversifying products and increasing the segments and categories of citizens targeted, which contributes to raising the rate of insurance penetration in Egypt, expanding the scope of insurance coverage, and improving financial inclusion rates.

The Chairman of the Authority discussed with company representatives their proposals and observations on studies conducted by the Authority regarding ways to expedite the adoption of new insurance products in a way that balances the application of the provisions of the law and incentivizes companies, with full commitment to the rules of governance and sound management, and fulfillment of disclosure and transparency requirements.

It is worth noting that Article (209) of the Unified Insurance Law obligates companies to inform the Authority of all terms and conditions and forms of insurance policies issued for all branches of insurance, as well as any amendments thereto. It prohibits their use until approved by the Authority. Furthermore, it obligates personal insurance and savings companies to inform the Authority of prices, actuarial reports, and technical bases for review. If the Authority does not respond within 30 days of being notified and all required documents being submitted, this is considered an approval decision. The Authority shall periodically review the policy terms and pricing bases used by all companies in light of actual practices to ensure compliance with fair pricing requirements.