{"id":599182,"date":"2019-06-20T04:04:34","date_gmt":"2019-06-20T04:04:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/20\/egypts-fra-finalizes-new-insurance-act-capital-minimum-more-or-less-the-same\/"},"modified":"2019-06-20T04:04:34","modified_gmt":"2019-06-20T04:04:34","slug":"egypts-fra-finalizes-new-insurance-act-capital-minimum-more-or-less-the-same","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/20\/egypts-fra-finalizes-new-insurance-act-capital-minimum-more-or-less-the-same\/","title":{"rendered":"Egypt\u2019s FRA finalizes new Insurance Act, capital minimum more or less the same"},"content":{"rendered":"<p><b>LEGISLATION WATCH- Small amendments to capital requirements in latest draft of proposed Insurance Act: <\/b>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 <a href=\"https:\/\/almalnews.com\/%D8%A7%D9%84%D9%85%D9%84%D8%A7%D9%85%D8%AD-%D8%A7%D9%84%D9%86%D9%87%D8%A7%D8%A6%D9%8A%D8%A9-%D9%84%D9%85%D8%B4%D8%B1%D9%88%D8%B9-%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%A7%D9%84%D8%AA%D8%A3%D9%85%D9%8A\/\">told Al Mal<\/a>. The minimum for life and property insurance companies remained at EGP 150 mn, unchanged from an earlier draft <a href=\"https:\/\/enterprise.press\/stories\/2019\/01\/08\/draft-insurance-act-details-leaked\/\">which leaked in January<\/a>.<\/p>\n<p><b>Companies that need longer than the three-year grace period can apply for an extension.<\/b> The sources said that the draft also relaxes the rules for companies planning to provide fuel hedging contracts or services to the aviation sector, reducing the amount of additional capital they would have had to raise to EGP 150 mn from EGP 300 mn previously.<\/p>\n<p><b>New draft has a built-in amendment mechanism? <\/b>The sources said that the final draft grants the FRA the power to revoke \u201cany contentious article through regulatory decisions\u201d after the law is published, without having to go through the traditional amendment process.<\/p>\n<p><b>Shareholders in insurance companies can now become CEOs: <\/b>The latest draft reverses an article that banned any insurance company shareholder from acting as chairman or CEO. This draft will restrict the position to only shareholders in non-listed businesses insurance companies. The latest draft also mandates that a minimum of two board members must work in the industry, down from three previously.<\/p>\n<p><b>Insurance payout and coverage regs to remain the same:<\/b> The bill will still double the ceiling for life insurance payouts to EGP 80k, from EGP 40k currently. It also appears to still contain stipulations making insurance coverage for public gatherings and venues (such as malls and concerts) mandatory and requiring individuals with liability-prone professions (such as doctors and architects) to obtain liability insurance.<\/p>\n<p><b>Where do we stand? <\/b>The final draft will now have to be reviewed by cabinet for approval. It will then be handed over to the State Council for a legal opinion before its introduction to the House of Representatives for a final vote, and a subsequent signing into law by the president.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 property insurance companies remained at [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":599183,"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":[72,2517,181,180,595,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-599182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-governance","tag-insurance","tag-legislation","tag-non-banking-financial-services","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"9e919a26-1a81-4c9f-b4d6-023a70d114b2","is_powered_by":true,"section_story_id":"81c9eb15-2dd1-4d8c-8157-233a96656c45","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/4\/232.jpg","photo_position":"above","related_issue":[599171],"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>Egypt\u2019s FRA finalizes new Insurance Act, capital minimum more or less the same - 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\/06\/20\/egypts-fra-finalizes-new-insurance-act-capital-minimum-more-or-less-the-same\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s FRA finalizes new Insurance Act, capital minimum more or less the same\" \/>\n<meta property=\"og:description\" content=\"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 property insurance companies remained at [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/20\/egypts-fra-finalizes-new-insurance-act-capital-minimum-more-or-less-the-same\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-06-20T04:04:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/232.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/20\/egypts-fra-finalizes-new-insurance-act-capital-minimum-more-or-less-the-same\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/20\/egypts-fra-finalizes-new-insurance-act-capital-minimum-more-or-less-the-same\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt\u2019s FRA finalizes new Insurance Act, capital minimum more or less the same\",\"datePublished\":\"2019-06-20T04:04:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/20\/egypts-fra-finalizes-new-insurance-act-capital-minimum-more-or-less-the-same\/\"},\"wordCount\":354,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/20\/egypts-fra-finalizes-new-insurance-act-capital-minimum-more-or-less-the-same\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/232.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"governance\",\"insurance\",\"legislation\",\"non-banking financial services\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/20\/egypts-fra-finalizes-new-insurance-act-capital-minimum-more-or-less-the-same\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/20\/egypts-fra-finalizes-new-insurance-act-capital-minimum-more-or-less-the-same\/\",\"name\":\"Egypt\u2019s FRA finalizes new Insurance Act, capital minimum more or less the same - 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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":[]},{"id":599694,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/08\/draft-insurance-act-details-leaked\/","url_meta":{"origin":599182,"position":1},"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 &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":595080,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/16\/egypts-regulator-to-hand-new-insurance-act-to-cabinet-this-week\/","url_meta":{"origin":599182,"position":2},"title":"Egypt\u2019s regulator to hand new Insurance Act to cabinet this week","author":"enterpriseam admin","date":"16 September 2019","format":false,"excerpt":"LEGISLATION WATCH- Insurance Act to make its way to Cabinet this week: The Financial Regulatory Authority (FRA) will hand over the final draft of the new Insurance Act, which will grant the authority more oversight over the insurance industry, to the Madbouly Cabinet for approval this week, FRA deputy head\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":591379,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/04\/egypts-market-regulator-is-putting-the-final-touches-on-the-draft-insurance-act\/","url_meta":{"origin":599182,"position":3},"title":"Egypt\u2019s market regulator is putting the final touches on the draft Insurance Act","author":"enterpriseam admin","date":"4 December 2019","format":false,"excerpt":"LEGISLATION WATCH- Market regulator, Justice Ministry putting the final touches on Insurance Act: The Justice Ministry is finalizing the draft of the new Insurance Act, which will grant the authority more oversight over the insurance industry, and will ship it to the House of Representatives for approval, Financial Regulatory Authority\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":598385,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/23\/egypts-market-regulator-to-review-draft-insurance-act-after-eid-break\/","url_meta":{"origin":599182,"position":4},"title":"Egypt\u2019s market regulator to review draft Insurance Act after Eid break","author":"enterpriseam admin","date":"23 May 2019","format":false,"excerpt":"LEGISLATION WATCH- Market regulator\u2019s board to review draft Insurance Act after Eid break: The Financial Regulatory Authority\u2019s (FRA) board of directors will review the draft Insurance Act following the Eid El Fitr break, FRA boss Mohamed Omran said yesterday, according to Al Mal. The market regulator had completed drafting 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":601344,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/26\/fra-finished-insurance-act-draft-to-present-it-for-dialogue-next-week\/","url_meta":{"origin":599182,"position":5},"title":"FRA finished Insurance Act draft, to present it for dialogue next week","author":"enterpriseam admin","date":"26 February 2019","format":false,"excerpt":"LEGISLATION WATCH- FRA finishes Insurance Act draft: The Financial Regulatory Authority (FRA) has completed drafting a new Insurance Act and will next put it up for public debate, Al-Ahram reports, citing remarks by FRA boss Mohamed Omran. Insurance companies that caught a glimpse of the draft bill ahead of time\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\/599182","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=599182"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/599182\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/599171"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/599183"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=599182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=599182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=599182"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=599182"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=599182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}