{"id":595784,"date":"2019-08-06T04:00:48","date_gmt":"2019-08-06T04:00:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/fra-give-itself-more-power-in-insurance-act\/"},"modified":"2019-08-06T04:00:48","modified_gmt":"2019-08-06T04:00:48","slug":"fra-give-itself-more-power-in-insurance-act","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/fra-give-itself-more-power-in-insurance-act\/","title":{"rendered":"FRA give itself more power in Insurance Act"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a><b> LEGISLATION WATCH- FRA makes new amendments to the Insurance Act:<\/b> The financial Regulatory Authority (FRA) has made new amendments to the final draft of the Insurance Act to encourage financial inclusion, <a href=\"https:\/\/www.youm7.com\/story\/2019\/8\/5\/%D8%A7%D9%84%D8%B1%D9%82%D8%A7%D8%A8%D8%A9-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%AA%D8%AD%D8%AF%D8%AF-%D8%A5%D9%8A%D8%AF%D8%A7%D8%B9-%D9%85%D8%A8%D9%84%D8%BA-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AC%D9%86%D9%8A%D9%87-%D8%B4%D8%B1%D8%B7-%D9%84%D8%A5%D9%86%D8%B4%D8%A7%D8%A1-%D8%B4%D8%B1%D9%83%D8%A9\/4363957\">Youm7 reported<\/a>. The amendments include requiring insurance companies to present a certificate from a CBE-registered bank as proof that they have deposited at least EGP 500k for every branch they have or a maximum of EGP 3 mn for all their branches combined. The companies would require an approval from the FRA to use these deposited funds. Insurance companies would also be required to pay EGP 20k to register every new branch. Click here to read the <a href=\"http:\/\/www.fra.gov.eg\/jtags\/efsa_ar\/pdf\/insurance.pdf\">decree of the act<\/a>.<\/p>\n<p><b>Medical Insurance companies:<\/b> The new amendments also grant the FRA the right to license medical insurance companies, and requires these companies to seek regulatory approval before opening a new branch or distribution unit, and before making transactions. Medical insurance companies must have at least EGP 60 mn in paid-up capital or its equivalent in a foreign currency.<\/p>\n<p><b>Property and life insurance companies<\/b> would be required to deposit EGP 150 mn or its equivalent in a foreign currency. This amount will increase by EGP 50 mn if any branches are involved in oil, aviation or energy-related activities. The companies shall rely on cumulative voting to elect the board of directors.<\/p>\n<p><b>Background: <\/b>The FRA <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/30\/fra-gives-itself-all-regulatory-power-over-industry-in-insurance-act\/\">recently<\/a> granted itself sweeping new powers to regulate the insurance industry under the final draft of the Insurance Act. The latest draft also reverses an article that banned any insurance company shareholder from acting as chairman or CEO. The bill will still double the ceiling for life insurance payouts to EGP 100k, from EGP 40k currently.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>LEGISLATION WATCH- FRA makes new amendments to the Insurance Act: The financial Regulatory Authority (FRA) has made new amendments to the final draft of the Insurance Act to encourage financial inclusion, Youm7 reported. The amendments include requiring insurance companies to present a certificate from a CBE-registered bank as proof that they have deposited at least [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":595785,"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":[72,76,181,2380,703],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-595784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-financial-regulatory-authority","tag-insurance","tag-speed-round","tag-unified-insurance-act","wpautop","entry"],"acf":{"mongo_id":"bf348bec-472d-4eb0-8adb-642cc30b9464","is_powered_by":true,"section_story_id":"195c3e11-29db-44a3-9d57-eaeaecadc010","story_type":"1","photo_url":"https:\/\/ent.news\/2019\/8\/1971.jpg","photo_position":"above","related_issue":[595767],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>FRA give itself more power in Insurance Act - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/fra-give-itself-more-power-in-insurance-act\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FRA give itself more power in Insurance Act\" \/>\n<meta property=\"og:description\" content=\"LEGISLATION WATCH- FRA makes new amendments to the Insurance Act: The financial Regulatory Authority (FRA) has made new amendments to the final draft of the Insurance Act to encourage financial inclusion, Youm7 reported. 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The amendments would\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":599182,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/20\/egypts-fra-finalizes-new-insurance-act-capital-minimum-more-or-less-the-same\/","url_meta":{"origin":595784,"position":1},"title":"Egypt\u2019s FRA finalizes new Insurance Act, capital minimum more or less the same","author":"enterpriseam admin","date":"20 June 2019","format":false,"excerpt":"LEGISLATION WATCH- Small amendments to capital requirements in latest draft of proposed Insurance Act: The Financial Regulatory Authority (FRA) has largely kept minimum capital requirements for property and life insurance companies unchanged in the final draft of the new Insurance Act, sources told Al Mal. The minimum for life and\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":[]},{"id":575374,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/13\/four-insurance-company-license-applications-under-review-from-egypts-regulator\/","url_meta":{"origin":595784,"position":2},"title":"Four insurance company license applications under review from Egypt\u2019s regulator","author":"enterpriseam admin","date":"13 October 2020","format":false,"excerpt":"Four more companies are looking to enter the insurance market and have license applications under review at the Financial Regulatory Authority (FRA), deputy head of the authority Reda Abdel Moaty told Hapi Journal on the sidelines of the Regional Forum for Medical Insurance and Healthcare. Under the universal healthcare act,\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/128.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576168,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/12\/fra-granted-sweeping-powers-as-unified-insurance-act-gets-cabinet-approval\/","url_meta":{"origin":595784,"position":3},"title":"FRA granted sweeping powers as Unified Insurance Act gets cabinet approval","author":"enterpriseam admin","date":"12 November 2020","format":false,"excerpt":"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\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/133.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":629859,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/03\/fra-stakes-claim-total-claim-to-insurance-sector-in-amendments-to-the-insurance-act\/","url_meta":{"origin":595784,"position":4},"title":"FRA stakes claim total claim to insurance sector in amendments to the Insurance Act","author":"enterpriseam admin","date":"3 April 2018","format":false,"excerpt":"LEGISLATION WATCH- FRA stakes total claim to insurance sector in amendments to the Insurance Act: Recently-drafted amendments to the Insurance Act would give Financial Regulatory Authority (FRA) chief Mohamed Omran complete dominion over the sector. The amendments would give FRA complete regulatory control over he sector, governing everything from the\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":595784,"position":5},"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 &quot;Speed Round&quot;","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/595784","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=595784"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/595784\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/595767"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/595785"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=595784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=595784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=595784"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=595784"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=595784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}