{"id":576168,"date":"2020-11-12T03:58:28","date_gmt":"2020-11-12T03:58:28","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/12\/fra-granted-sweeping-powers-as-unified-insurance-act-gets-cabinet-approval\/"},"modified":"2020-11-12T03:58:28","modified_gmt":"2020-11-12T03:58:28","slug":"fra-granted-sweeping-powers-as-unified-insurance-act-gets-cabinet-approval","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/12\/fra-granted-sweeping-powers-as-unified-insurance-act-gets-cabinet-approval\/","title":{"rendered":"FRA granted sweeping powers as Unified Insurance Act gets cabinet approval"},"content":{"rendered":"

<\/a> CABINET WATCH- Market regulator a step closer to getting sharper teeth as <\/strong>c<\/strong>abinet approves Unified Insurance Act:<\/strong> New extensive powers<\/a> for the Financial Regulatory Authority (FRA)<\/a>to regulate the establishment, licensing and oversight of insurers and reinsurers as well as related services, professions, and activities are inching closer to becoming the law of the land after the Madbouly Cabinet approved the the long awaited Unified Insurance Act in its weekly meeting yesterday, according to a statement<\/a>.<\/p>\n

Refresher: The law brings under its purview microinsurance institutions and private insurance funds<\/strong>, according to the statement, which was scant on further detail. According to earlier drafts, the bill would also give the FRA the authority to regulate medical insurers and monitor bank deposits.<\/a><\/p>\n

Insurance would also become compulsory for individuals and institutions: <\/strong>We had noted<\/a>that compulsory insurance for SMEs and new freelance and seasonal job insurance regulations would be key components of the draft. Recent amendments to the legislation would make insurance mandatory in 21 cases covering everything from non-banking financial services to student health coverage to marriage, according to Masrawy<\/a>. The law would also appoint economic courts as the arbitrators in any disputes arising from the implementation of the law, with the exception of cases that come under the jurisdiction of the State Council, the statement said.<\/p>\n

The Unified Insurance Act has been in the pipeline since 2018:<\/strong> According to draft details<\/a> leaked last year, the Act should raise the minimum requirement for the issued and paid-in capital of life and property insurance companies by 150% to EGP 150 mn, and by as much as 733% for reinsurance companies<\/a>. The bill also doubles the ceiling for life insurance payouts to EGP 80k.<\/p>\n

Also from Cabinet yesterday: Treasury bills and sovereign bonds sold on international markets are now exempt from income tax<\/strong>, the cabinet also decided in its meeting. Egypt listed USD 750 mn in green bonds<\/a> as well as bonds from its record USD 5 bn Eurobond offering<\/a> earlier this year on the London Stock Exchange (LSE). The LSE currently carries 40 issuances by the Arab Republic of Egypt.<\/p>\n","protected":false},"excerpt":{"rendered":"

CABINET WATCH- Market regulator a step closer to getting sharper teeth as cabinet approves Unified Insurance Act: New extensive powers for the Financial Regulatory Authority (FRA)to regulate the establishment, licensing and oversight of insurers and reinsurers as well as related services, professions, and activities are inching closer to becoming the law of the land after […]<\/p>\n","protected":false},"author":1,"featured_media":576169,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[282,72,76,181,2380,703],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-576168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-cabinet-watch","tag-enterpriseam","tag-financial-regulatory-authority","tag-insurance","tag-speed-round","tag-unified-insurance-act","wpautop","entry"],"acf":{"mongo_id":"7151a586-b7e8-4766-93ff-a2d9865543ce","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/11\/133.jpg","photo_position":"above","related_issue":[576163],"teaser":"","voice_url":""},"yoast_head":"\nFRA granted sweeping powers as Unified Insurance Act gets cabinet approval - 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A final draft will\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597547,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/30\/fra-gives-itself-all-regulatory-power-over-industry-in-insurance-act\/","url_meta":{"origin":576168,"position":1},"title":"FRA gives itself all regulatory power over industry in Insurance Act","author":"enterpriseam admin","date":"30 July 2019","format":false,"excerpt":"LEGISLATION WATCH- Draft Insurance Act grants sweeping new powers to market regulator: The Financial Regulatory Authority (FRA) will be granted sweeping new powers to regulate the insurance industry under the final draft of the Insurance Act, Al Masry Al Youm reports. The watchdog would vet all candidates applying for board\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":621230,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/04\/insurance-act-to-require-insurance-on-electronic-banking-transactions\/","url_meta":{"origin":576168,"position":2},"title":"Insurance Act to require insurance on electronic banking transactions","author":"enterpriseam admin","date":"4 November 2018","format":false,"excerpt":"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\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":621700,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/15\/fra-to-finalize-consumer-credit-and-insurance-acts-in-2019\/","url_meta":{"origin":576168,"position":3},"title":"FRA to finalize consumer credit and insurance acts in 2019","author":"enterpriseam admin","date":"15 November 2018","format":false,"excerpt":"LEGISLATION WATCH- FRA to finalize consumer credit and insurance acts in 2019: Also coming from the FRA, the authority plans to finalize next year drafting the Consumer Credit Act and the Insurance Act, FRAboss Mohamed Omran said at a presser, according to Amwal Al Ghad. The Consumer Credit Act bill,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":624707,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/17\/fra-to-complete-insurance-act-draft-this-month-expects-to-send-it-to-cabinet-by-december\/","url_meta":{"origin":576168,"position":4},"title":"FRA to complete Insurance Act draft this month, expects to send it to cabinet by December","author":"enterpriseam admin","date":"17 September 2018","format":false,"excerpt":"**#3 LEGISLATION WATCH- Insurance will be mandatory for everything under the sun as part of draft Insurance Act now being finalized: The Financial Regulatory Authority is expected to complete a draft of the new Insurance Act and submit it to the board for approval before the end of this month,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599694,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/08\/draft-insurance-act-details-leaked\/","url_meta":{"origin":576168,"position":5},"title":"Draft Insurance Act details leaked","author":"enterpriseam admin","date":"8 January 2019","format":false,"excerpt":"LEGISLATION WATCH- Insurance Act to substantially increase minimum capital requirement for insurance companies: The new Insurance Act would raise the minimum requirement for the issued and paid-in capital of life and property insurance companies by 150% to EGP 150 mn, according to details of the law that leaked on Sunday,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/232.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/576168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=576168"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/576168\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/576163"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/576169"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=576168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=576168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=576168"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=576168"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=576168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}