Egypt – Policyholders’ protection fund maintained in law
Tuesday, 02 09 2016, Category: Insurance and Reinsurance, Country: Egypt
The Egyptian Financial Supervisory Authority maintained the idea of establishing a policyholders’ protection fund to settle claims in case insurer goes bankrupt. This is included in the new draft insurance supervisory and regulatory law which is being finalized before being transferred to the competent authorities.
Mr. Sherif Samy the chairman of “Financial Supervision” said that he studied a number of international best practices in the field of policyholders’ protection or “guarantee” funds including the French experience indication, indicating that the law stipulating the establishment of the fund says that the membership of insurers will be compulsory.
Source: Al Mal News