{"id":624707,"date":"2018-09-17T04:11:37","date_gmt":"2018-09-17T04:11:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/17\/fra-to-complete-insurance-act-draft-this-month-expects-to-send-it-to-cabinet-by-december\/"},"modified":"2018-09-17T04:11:37","modified_gmt":"2018-09-17T04:11:37","slug":"fra-to-complete-insurance-act-draft-this-month-expects-to-send-it-to-cabinet-by-december","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/17\/fra-to-complete-insurance-act-draft-this-month-expects-to-send-it-to-cabinet-by-december\/","title":{"rendered":"FRA to complete Insurance Act draft this month, expects to send it to cabinet by December"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>**#3 LEGISLATION WATCH- Insurance will be mandatory for everything under the sun as part of draft Insurance Act now being finalized: <\/strong>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, FRA deputy head Reda Abdel Moaty <u><a href=\"http:\/\/almalnews.com\/Story\/389625\/13\/%C2%AB%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%C2%BB-%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%A3%D9%85%D8%A7%D9%85-%D8%A7%D9%84%D8%AD%D9%83%D9%88%D9%85%D8%A9-%D8%AF%D9%8A%D8%B3%D9%85%D8%A8%D8%B1-%D8%A7%D9%84%D9%85%D9%82%D8%A8%D9%84\">tells Al Mal in an interview<\/a><\/u>. The bill \u2014 which is now just a few \u201cfinal touches\u201d away from completion \u2014 will then be put up for \u201cnational dialogue\u201d in October and amended to reflect the views of various industry stakeholders. A final draft will then be presented to the Madbouly Cabinet in December, according to Abdel Moaty.<\/p>\n<p><strong>Background: <\/strong>The FRA had <u><a href=\"https:\/\/enterprise.press\/stories\/2018\/04\/03\/fra-stakes-claim-total-claim-to-insurance-sector-in-amendments-to-the-insurance-act\/\">announced earlier this year<\/a><\/u> 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.<\/p>\n<p><strong>Compulsory insurance for SMEs is expected to be a <\/strong><strong><u><a href=\"https:\/\/enterprise.press\/stories\/2018\/07\/18\/fra-completes-capital-markets-act-regs-to-make-life-insurance-mandatory-for-sme-financing\/\">key component<\/a><\/u><\/strong><strong> of the new act<\/strong>, which is also expected to regulate insurance for freelance and seasonal jobs. It is also expected to make insurance cover mandatory for public gatherings and venues (such as malls and concerts).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>**#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, FRA deputy head Reda Abdel [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-624707","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"69046d12-c034-4b22-b9f4-aa22e7c17ffa","order":"0","is_powered_by":true,"section_story_id":"1674a629-e29e-4e25-ba10-e8d08c67085b","story_type":"1","photo_url":"","photo_position":"above","related_issue":[624693],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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A final draft will\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":624707,"position":1},"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":[]},{"id":621744,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/18\/egypts-fra-says-consumer-credit-draft-in-final-stages\/","url_meta":{"origin":624707,"position":2},"title":"Egypt\u2019s FRA says consumer credit draft in final stages","author":"enterpriseam admin","date":"18 November 2018","format":false,"excerpt":"LEGISLATION WATCH- FRA says Consumer Credit Act is in its final stages: The Financial Regulatory Authority (FRA) is in the final stages of drafting the Consumer Credit Act, FRA boss Mohamed Omran said on Thursday, according to Al Mal. The legislation would bring companies selling consumer goods on installments under\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":630235,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/16\/fra-to-sign-off-on-draft-of-insurance-act-by-months-end-expects-to-see-it-out-in-2h2018\/","url_meta":{"origin":624707,"position":3},"title":"FRA to sign off on draft of Insurance Act by month\u2019s end, expects to see it out in 2H2018","author":"enterpriseam admin","date":"16 April 2018","format":false,"excerpt":"LEGISLATION WATCH- FRA to complete draft of Insurance Act by month\u2019s end, expects to see it out in 2H2018: The Financial Regulatory Authority\u2019s (FRA) newly-formed board of directors is expected to sign off on the amended Insurance Act by the end of April, FRA deputy head Reda Abdel Moty said\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":624707,"position":4},"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. 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