Egypt – New rules to deal with foreign reinsurance brokers
Wednesday, 06 17 2015, Category: Insurance and Reinsurance, Country: Egypt
The Egyptian Financial Supervisory Authority issued a range of rules on local insurance companies when dealing with foreign reinsurance brokers in an anticipative step aimed at regulating the insurance market and the relationship between insurance foreign reinsurance brokers.
The rules set by the Authority under the chairmanship of Mr. Sherif Samy in the decision No 66 of year 2015 stipulate that the reinsurance broker should have a license from specialized regulator that as competent as the Egyptian Authority.
The rules included the obligation to have a written signed agreement between the local insurer and the foreign reinsurance broker which clarifies the duties of both parties. Insurers should also keep copies of the contracts signed and should as well send a copy of the license of the reinsurance broker.
Source: Al Mal News