{"id":630235,"date":"2018-04-16T04:20:33","date_gmt":"2018-04-16T04:20:33","guid":{"rendered":"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\/"},"modified":"2018-04-16T04:20:33","modified_gmt":"2018-04-16T04:20:33","slug":"fra-to-sign-off-on-draft-of-insurance-act-by-months-end-expects-to-see-it-out-in-2h2018","status":"publish","type":"post","link":"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\/","title":{"rendered":"FRA to sign off on draft of Insurance Act by month\u2019s end, expects to see it out in 2H2018"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>LEGISLATION WATCH- FRA to complete draft of Insurance Act by month\u2019s end, expects to see it out in 2H2018: <\/strong>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 yesterday, <a href=\"http:\/\/www.almalnews.com\/Story\/372453\/13\/%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%B9%D8%AA%D9%85%D8%AF-%D9%85%D8%B3%D9%88%D8%AF%D8%A9-%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%A7%D9%84%D8%AA%D8%A3%D9%85%D9%8A%D9%86-%D9%86%D9%87%D8%A7%D9%8A%D8%A9-%D8%A7%D9%84%D8%B4%D9%87%D8%B1\">Al Mal reports<\/a>. The committee drafting the bill is set to meet this week to finalize its work before passing the bill over to the board and then putting it up for \u201cnational dialogue.\u201d The Investment Ministry and Ismail Cabinet would then revise the bill before handing it over to the House of Representatives to be issued some time in the second half of 2018, Abdel Moty said. In addition to providing incentives for insurance companies to cover SMEs, <a href=\"https:\/\/enterprise.press\/stories\/2018\/04\/03\/fra-stakes-claim-total-claim-to-insurance-sector-in-amendments-to-the-insurance-act\/\">the Insurance Act<\/a> is expected to give the FRA regulatory control over the sector, once it comes in effect, allowing it to govern everything from the establishing and licensing of companies, to setting industry standards and practices.<\/p>\n<p>On a related note, <strong>the FRA says it has completed a draft of the regulations that will set up and govern a policyholder protection fund<\/strong>, <a href=\"http:\/\/www.almalnews.com\/Story\/372484\/13\/%C2%AB%D8%A7%D9%84%D9%85%D8%A7%D9%84-%C2%BB-%D8%AA%D9%86%D9%81%D9%80%D9%80%D9%80%D9%80%D8%B1%D8%AF-%D8%A8%D9%85%D8%B3%D9%80%D9%80%D9%80%D9%80%D9%88%D8%AF%D8%A9-%D8%A7%D9%84%D9%86%D8%B8%D9%80%D9%80%D9%80%D9%80%D9%80%D9%80%D9%80%D9%80%D8%A7%D9%85-%D8%A7%D9%84%D8%A3%D8%B3%D9%80%D9%80%D9%80%D9%80%D9%80%D9%80%D9%80%D9%80%D9%80%D9%80%D9%80%D9%80%D9%80%D9%80%D9%80%D9%80%D9%80%D9%80%D9%80%D9%80%D9%80%D9%80%D9%80%D9%80%D8%A7%D8%B3%D9%89-%D9%84%D8%B5%D9%80%D9%80%D9%86%D8%AF%D9%88%D9%82-%D8%AD%D9%85%D9%80%D9%80%D9%84%D8%A9-%D9%88%D8%AB%D9%80%D9%80%D8%A7%D8%A6%D9%82\">according to Al Mal<\/a>. The fund\u2019s primary goal will be to protect beneficiaries against any potential insolvencies that insurance companies may face. The fund, which will be under FRA oversight, will have an independent budget and will require licensed insurance companies to pay a periodic subscription fee. The board of directors will also have authority to accept or reject any grants or contributions to the fund, as well as invest proceeds according to an annual plan.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 yesterday, Al Mal reports. The [&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-630235","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"7327e652-0ad3-4bed-a2fe-025e1fe5d8c3","order":"0","is_powered_by":true,"section_story_id":"3530e14c-4212-4e8a-9fb1-908e4af39514","story_type":"1","photo_url":"","photo_position":"above","related_issue":[630223],"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 to sign off on draft of Insurance Act by month\u2019s end, expects to see it out in 2H2018 - 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\/2018\/04\/16\/fra-to-sign-off-on-draft-of-insurance-act-by-months-end-expects-to-see-it-out-in-2h2018\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FRA to sign off on draft of Insurance Act by month\u2019s end, expects to see it out in 2H2018\" \/>\n<meta property=\"og:description\" content=\"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 yesterday, Al Mal reports. 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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":634702,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/22\/fra-drafting-insurance-act-80-done-with-capital-market-act-regs\/","url_meta":{"origin":630235,"position":3},"title":"FRA drafting Insurance Act, 80% done with Capital Market Act regs","author":"enterpriseam admin","date":"22 January 2018","format":false,"excerpt":"LEGISLATION WATCH- The Financial Regulatory Authority (FRA) is drafting an all-encompassing Insurance Act. A draft of the bill \u2014 which will cover everything from car insurance to policies for companies and private equity funds \u2014 will be put up for \u201cnational dialogue\u201d at the end of February before it\u2019s passed\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":630235,"position":4},"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":599694,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/08\/draft-insurance-act-details-leaked\/","url_meta":{"origin":630235,"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 &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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/630235","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=630235"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/630235\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/630223"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=630235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=630235"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=630235"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=630235"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=630235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}