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Wednesday, 14 June 2017

New Insurance Act still in the drafting stage

Speaking of EFSA, the regulator has for some time now been drafting a new Insurance Act that could potentially encompass car insurance and private insurance funds as well, EFSA chief Sherif Samy told the press on Tuesday. The bill will also aim to turn state insurance funds into autonomous bodies under the supervision of the Finance Ministry and EFSA. It could be a while before we see this piece of legislation move forward, Samy notes. The draft has outlasted “three presidents and prime ministers and four investment ministers” and still not come to final form. Until then, the EFSA and Investment Ministry plan to issue temporary amendments to the current Insurance Act’s executive regulations to complement others issued last year.

Background: The EFSA had announced plans last year to reshape the laws governing the insurance industry that would outline new requirements for professionals working in the field, set corporate governance requirements, and make EFSA the sole regulator of the industry by phasing out the Insurance Supervisory Authority (ISA).

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