Ins. Act could see the light by mid-2022

The new Ins. Act could be passed by the House of Representatives and become the law of the land by the end of 2Q2022, Al Shorouk reports Financial Regulatory Authority (FRA) boss Mohamed Omran as having said. Last we heard, the legislation was with the House Economic Committee after receiving Cabinet approval in November 2020.

Refresher: The bill, which the FRA began drafting in 2018, would make the FRA the primary regulator for the sector, governing everything from the establishment and licensing of ins. companies, to setting best practices and industry standards, and regulating transactions, contracts, and policies. The legislation is also expected to make ins. compulsory for SMEs and freelancers.