Egypt - Ministerial committee probes unified insurance bill
Tuesday, 12 31 2019, Category: Insurance and Reinsurance, Country: Egypt
The ministerial economic committee discussed on Tuesday a proposed unified insurance bill as well as the file of promoting the railway industry.
This came during a meeting held under Prime Minister Mostafa Madbouli and attended by the ministers of justice, planning, international cooperation, finance and trade along with Central Bank of Egypt (CBE) officials.
Newly-appointed Justice Minister Omar Marawan reviewed the unified insurance bill, saying that it will contribute to outlining clear and comprehensive guidelines for the insurance system in Egypt.
The draft law, also, regulates the rules of overseeing and monitoring the insurance system, the minister added.
Chairman of the Financial Regulatory Authority (FRA) Mohamed Omran, for his part, highlighted the details of the unified insurance bill as well as its main goals that aim at transforming the role of the FRA with regard to the risk-based supervision process (RBS) along with re-defining the tasks of the private insurance funds.
The premier asked the CBE and ministries concerned to send notices about the unified insurance draft law to the FRA for preparing a final draft of the bill before submitting it to the cabinet, said Cabinet's spokesman Nader Saad.
Source: Egypt Today