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Monday, 17 September 2018

FRA to complete Insurance Act draft this month, expects to send it to cabinet by December

**#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 Moaty tells Al Mal in an interview. The bill — which is now just a few “final touches” away from completion — will then be put up for “national dialogue” 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.

Background: The FRA had announced earlier this 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.

Compulsory insurance for SMEs is expected to be a key component of the new act, 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).

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