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FRA approves collective insurance contracts for clients of the Egyptian Banks participating in an initiative to issue “Aman Al Masrien” Certificate

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• FRA gives the green light for the entry into force of the insurance coverage provided by “Aman Al Masrien” certificate

Dr. Mohammed Omran- FRA’s Chairman revealed that the Egyptian society will witness the implementation of the most important cooperation project between the insurance industry and a number of Egyptian banks to grant a wide insurance protection umbrella to the neediest groups among the Egyptians. The Authority approves collective insurance contracts signed between Misr Life Insurance and the Group of Banks participating in an initiative to issue “Aman Al Masrien” certificate to serve a large segment of low-income citizens and provide them with life insurance coverage in a practical step that contributes to the spread of financial inclusion in the society.

 That is after the Authority reviewed the proposed contracts to put this intuitive into effect and to ensure the safety of the technical, procedural and regulatory aspects of the contracts according to which the insurance coverage will be granted to the category of free and permanent employment from the Egyptians.  Also, FRA verifies the levels of accuracy and transparency in the actuarial studies that have been conducted and ensures justice of insurance products’ pricing for the benefit of beneficiaries according to the real value of the paid premiums in order to preserve the rights of policyholders and the safety and stability of the Egyptian insurance market.

Dr. Omran said that according to these contracts, the owners of the issued bank certificates will receive insurance coverage related to the certificate issuing category starting from 500 pounds and multiples up to the maximum of 2500 pounds for the certificate for a period of three years. The certificate 500 pounds grants an insurance coverage to the heirs with an amount of ten thousand pounds in case of natural death and fifty thousand pounds in the event of death caused by accidents, God forbid.

In a related context, Counselor Reda Abdel-Moaty, FRA Deputy Chairman said that “Aman Al Masrien” certificate shows that the State pays great attention to a large segment represented in free daily labor with limited income. He added that such intuitive emphasize that the Egyptian state is keen to provide financial support to them in case the insured risks are realized. The certificate will be based on contracting with the largest customer base using modern marketing methods characterized by simple administrative expenses as banks were selected in accordance to the geographical spread extended within the agricultural and remote communities in the governorates of the Republic.
 

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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