{"id":599694,"date":"2019-01-08T05:09:49","date_gmt":"2019-01-08T05:09:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/08\/draft-insurance-act-details-leaked\/"},"modified":"2019-01-08T05:09:49","modified_gmt":"2019-01-08T05:09:49","slug":"draft-insurance-act-details-leaked","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/08\/draft-insurance-act-details-leaked\/","title":{"rendered":"Draft Insurance Act details leaked"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <b>LEGISLATION WATCH- Insurance Act to substantially increase minimum capital requirement for insurance companies: <\/b>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, <a href=\"https:\/\/www.almalnews.com\/Story\/405732\/13\/%C2%AB%D8%A7%D9%84%D9%85%D8%A7%D9%84%C2%BB-%D8%AA%D9%86%D9%81%D8%B1%D8%AF-%D8%A8%D9%85%D8%B3%D9%88%D8%AF%D8%A9-%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%D9%86-%D8%A7%D9%84%D8%AC%D8%AF%D9%8A%D8%AF\">courtesy of Al Mal<\/a>. Property insurance companies would have to tack on an additional EGP 300 mn to that figure if it plans on providing insurance in the aviation industry or fuel hedging services. Reinsurance companies, meanwhile, would see their minimum capital requirements jump 733% to EGP 500 mn, from a current EGP 60 mn.<\/p>\n<p><b>Other elements of the draft:<\/b> If passed, the bill would also double the ceiling for life insurance payouts to EGP 80,000, from EGP 40,000 currently. The draft also confirms earlier reports that the insurance cover for public gatherings and venues (such as malls and concerts) would be made mandatory under the bill. The draft law would also require individuals with liability-prone professions (such as doctors and architects) to obtain liability insurance.<\/p>\n<p><b>Background:<\/b> The Financial Regulatory Authority (FRA) had announced last year that it was drafting a new Insurance Act that would make it the primary regulator for the sector, governing everything from the establishment and licensing of insurance companies, to setting best practices and industry standards, and regulating transactions, contracts, and policies. FRA deputy head Reda Abdel Moaty <a href=\"https:\/\/enterprise.press\/stories\/2018\/12\/20\/egypts-fra-to-start-insurance-act-draft-discussion-next-week\/\">had said last month<\/a> that the authority would submit the bill to its board for approval and present a final draft to the Madbouly Cabinet by the end of the month.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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, courtesy of Al Mal. Property [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":599695,"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":[72,76,181,180,2380,703],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-599694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-financial-regulatory-authority","tag-insurance","tag-legislation","tag-speed-round","tag-unified-insurance-act","wpautop","entry"],"acf":{"mongo_id":"bcfbe60c-c07c-4b50-8f61-69b0b6f747b3","is_powered_by":true,"section_story_id":"61137b8b-f3f9-4fc5-92a7-8071a9f6912f","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/4\/232.jpg","photo_position":"above","related_issue":[599679],"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>Draft Insurance Act details leaked - 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\/01\/08\/draft-insurance-act-details-leaked\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Draft Insurance Act details leaked\" \/>\n<meta property=\"og:description\" content=\"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, courtesy of Al Mal. Property [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/08\/draft-insurance-act-details-leaked\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-01-08T05:09:49+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=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/08\/draft-insurance-act-details-leaked\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/08\/draft-insurance-act-details-leaked\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Draft Insurance Act details leaked\",\"datePublished\":\"2019-01-08T05:09:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/08\/draft-insurance-act-details-leaked\/\"},\"wordCount\":261,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/08\/draft-insurance-act-details-leaked\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/232.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"Financial Regulatory Authority\",\"insurance\",\"legislation\",\"SPEED ROUND\",\"Unified Insurance Act\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/08\/draft-insurance-act-details-leaked\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/08\/draft-insurance-act-details-leaked\/\",\"name\":\"Draft Insurance Act details leaked - 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The Insurance Federation of Egypt said it will file its notes\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":599694,"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":595080,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/16\/egypts-regulator-to-hand-new-insurance-act-to-cabinet-this-week\/","url_meta":{"origin":599694,"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":599694,"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":576168,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/12\/fra-granted-sweeping-powers-as-unified-insurance-act-gets-cabinet-approval\/","url_meta":{"origin":599694,"position":4},"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":595784,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/fra-give-itself-more-power-in-insurance-act\/","url_meta":{"origin":599694,"position":5},"title":"FRA give itself more power in Insurance Act","author":"enterpriseam admin","date":"6 August 2019","format":false,"excerpt":"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\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\/2019\/8\/1971.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\/599694","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=599694"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/599694\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/599679"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/599695"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=599694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=599694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=599694"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=599694"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=599694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}