Insurance Act to require insurance on electronic banking transactions

LEGISLATION WATCH- Insurance Act to require insurance on electronic banking transactions: The Insurance Act, which is currently under review by the Financial Regulatory Authority (FRA) board, is expected to introduce compulsory insurance on internet banking to protect banks against cyber attacks, FRA boss Mohamed Omran said. The legislation, which would make FRA the primary regulatory for the insurance sector, is also expected to introduce compulsory insurance for SMEs and make insurance cover mandatory for public gatherings and venues. FRA plans to send the first draft of the proposed legislation to the Public Enterprises Ministry, the Insurance Federation of Egypt, and the Egyptian Healthcare Management Society before mid-month.