FRA Authorizes Issuance of Standard E-Insurance PoliciesSource: www.export-egypt.com 11/23/2024, Location: Africa |
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The Financial Regulatory Authority (FRA) Board of Directors, under Mohamed Farid, issued decision no. 267 of 2024 amending the Board of Director's decision no.122 of 2015 regarding allowing insurance companies to issue certain types of standard e-insurance policies.
The FRA, in a statement issued said that the move comes in response to requests from insurance companies to allow the issuance of insurance policies for new cars electronically. Under the amendments, insurance companies will be granted the right to issue standard e-policies for new cars, because these vehicles do not require physical inspection by insurance companies, however, as regards other types of vehicles, companies must issue non-standard policies. The FRA's decision falls within its strategy to promote financial inclusion, digital transactions and the adoption of financial technology, the statement added. |
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