It looks like the Egyptian Financial Supervisory Authority (EFSA) has completed a new law to regulate the insurance industry and will be shopping it around to industry associations before sending a draft to the Ismail cabinet, EFSA chairman Mohamed Omrantold the press on Saturday. Not much by way of details on the act were revealed, but Omran did say the bill aims to expand insurance coverage to SMEs. We believe the bill is likely the “new insurance act” previous EFSA chairman Sherif Samy had announced back in June. Samy had said that the new law would encompass car insurance and private insurance funds as well as turning state insurance funds into autonomous bodies under the supervision of the Finance Ministry and EFSA. It is unclear whether the new law would see EFSA become the sole regulator for the industry.

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