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EFSA Discussed with the Insurance intermediaries some new Financial Legislations

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• Sherif Samy: Insurance intermediaries got strike force to spread insurance awareness and provide the best risk coverage
• EFSA discussed activating the role of insurance intermediaries and their contribution to the market’s development

Sherif Samy – EFSA’s Chairman asserted that EFSA keens on the interest of all parties operating in the insurance system. Also, he stressed on the influential role of insurance intermediaries, as they got the strike force through 62 brokerage firms and more than 8,400 intermediaries. He pointed to their contribution in spreading insurance awareness in Egypt and their responsibility in guiding enterprises and individuals to get the proper insurance coverage and providing neutral advice to the client.

The meeting was organized by EFSA yesterday evening with representatives of insurance companies including intermediaries , leaders of the Egyptian Insurance Brokers Association (EIBA), future association for insurance brokers and The Egyptian Association for the Development of Insurance Awareness (EADIA) with the participation of counselor Reda Abdel-Al – EFSA’s Vice Chairman  and a number of managers operating in insurance. The meeting presented the recent developments in regulating insurance especially that is related to the electronic issuance and distribution of insurance policies and introducing micro insurance system.

Sherif Samy pointed out that insurance companies can play an important role in the success of micro insurance system through NGOs and companies licensed to practice microfinance.  Also, it was agreed to hold a workshop on the electronic issuance and distribution of insurance policies.

EFSA’s Chairman discussed with representatives of insurance intermediaries    some proposals on regulating the profession and the problems faced by the them, and  it was agreed on how to address these problems  and EFSA promised to study the rest of the submitted proposals.

Sherif Samy explained that the rules governing the practice of insurance or reinsurance intermediary set obligations for insurance intermediaries and organize new mechanisms to practice the activity in a way that enhance its  integrity and  strike balance among  dealers’ rights, whether they are intermediaries or insurance companies or clients  who have been brought in to those companies through intermediaries. He added that there were certain rules set for the electronic website of insurance intermediaries.

On the sidelines of the event, Sherif Samy pointed out that it is prohibited for an insurance intermediary to issue insurance policies or amend any of its conditions or conduct inspections or settle any compensation as well his documents or advertising media shall not refer to these issues. Also, he is prohibited from gaining any undeclared financial or in-kind privileges from the insurance company. He added that the insurance intermediary must explain to the client why he chose this insurance policy, its conditions and exceptions. Also, he must submit to the client a comparison between the price and the coverage provided by the proposed insurance policy and other insurance policies offered by other insurance companies. He must show the retained liability that may be imposed by the company and the relation between it and the coverage price.

The meeting comes days after a meeting that was held between EFSA and heads of insurance companies operating in Egypt and this shows that EFSA keens on the development of this important sector in the Egyptian economy, where its premiums increased in 2016 to 23 billion pounds and its investments reached 60 billion pounds.

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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