Egypt – Condition for USD broker commissions
Friday, 01 12 2018, Category: Insurance and Reinsurance, Country: Egypt
The Egyptian Financial Supervisory Authority issued its final decision concerning the payment of insurance commissions in foreign currencies if the contracts are issued in the same currencies.
Therefore, it set two conditions for brokers to be paid in foreign currencies. First, the value of the premium in foreign currency should include the amount of the broker’s commission. Second, the commission should be paid through a bank that offers foreign currency transactions.
Moreover, an insurance expert said that some companies used to decline USD commission payments to brokers and paid them in EGP according to the official EGP exchange rate, so the broker did not benefit from the real value of the commissions.
Source: Al Mal News