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Tuesday, 13 October 2020

Four insurance company license applications under review from Egypt’s regulator

Four more companies are looking to enter the insurance market and have license applications under review at the Financial Regulatory Authority (FRA), deputy head of the authority Reda Abdel Moaty told Hapi Journal on the sidelines of the Regional Forum for Medical Insurance and Healthcare. Under the universal healthcare act, new medical insurance companies can launch starting capital of EGP 60 mn, while healthcare management companies require at least EGP 15 mn, Abdel Moaty said.

We’re still waiting for details on how private sector insurers will fit into the universal health insurance system: A Health Ministry official last month revealed that forthcoming legislative amendments will clarify the role of the private sector in the system, almost three years after the Universal Healthcare Act was voted through parliament. No further details on what we can expect from the amendments were revealed at the conference yesterday.

Background: FRA head Mohamed Omran urged insurance companies to submit proposals that outline how they could contribute to the system, while Finance Minister Mohamed Maait reiterated that the changes would allow private sector healthcare players to be involved in both providing medical services and managing the government’s system of universal health coverage. The system, launched in Port Said last year and will soon roll out in Luxor and Ismailia. All governorates should be covered under the system within 12 years.

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