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The Financial Regulatory Authority (FRA) launches the first electronic platform for exchanging data and information of the insurance sector in cooperation with the Insurance Federation of Egypt (IFE)

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Dr. Mohammed Omran – FRA’s Chairman announced the launch of the first electronic platform for exchanging data and information of the insurance sector in cooperation with the Insurance Federation of Egypt (IFE),  this comes in line with the Executive Regulations of the Insurance Law. He added that this step is considered as the first building block in establishing the first Integrated Database (IDB) for insurance activities that is within the framework of activating FRA’s strategy in moving towards supervising and regulating the non-banking financial markets using information technology.  He added that this comes within the context of meeting FRA’s commitment namely, that the year 2018 is the year of insurance that is through working and following -up diligently the implementation of   all the initiatives and development plans announced since months. Moreover, he noted that there will be a number of other good news and ambitious development topics waiting for this sector to further enhance it  in order to play its vital economic role in mobilizing national savings and investment and thus raising  the national operating rates.

Consultant / Reda Abdel Moaty explained that based on FRA’s  current policy in activating the legislative rules concerned with protecting the clients of insurance companies against any policies of discrimination upon submitting  or renewing  any insurance service , achieving equality among  those who are similar in their insurance centers in addition to protecting the market from the  manipulators and clients who do not bound by the subscription criteria and requirements of safety and security procedures upon  renewing the insurance policies. In this respect, the Authority together with the Insurance Federation of Egypt (IFE) launched the electronic platform to collect the data related to the rejection, renewal or cancellation of insurance policies and the reasons which led to it.

Within the same context, Mr. Alaa Al Zuhairi expressed his happiness with this important ceremony which is organized by the Authority in the presence of these elite officials and heads of companies , adding that this reflects the Authority’s keenness on the insurance sector as we all feel the speed of its response to the subjects presented to it.

He added that the launch of the electronic platform comes within the framework of activating the obligations of insurance companies, whether  it engaged in life or property insurance , stating that the companies  shall notify the Authority and the Insurance Federation of Egypt (IFE) of clients’  data who have been rejected and the reasons that led to that .
 

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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