On Mar. 27, EGY FRA issued decision re electronic linking platform.
EGY FRA issued Decision 58 requiring insurance companies to record their real-time and historical data re issuance, compensations on the electronic linking platform.
Main Points
Decision describes executive procedures for registering data on the electronic linkage platform between EGY FRA and insurance companies in real time, i.e., within 5 days.
Re historical data, the decision obligates insurance companies to register all data of records, documents and compensation supplements in effect from Jan. 1, 2024.
Companies must also register all insurance product contract forms, amendments and supplements approved by EGY FRA before Jan. 1, 2025, until the decision's application.
Companies must include the national number of individuals and the tax registration number of companies for compensation beneficiaries, and for contracts' issuance.
Insurers must have the technological infrastructure to link databases with EGY FRA.
Effectiveness
Data registration to the platform must take place no later than Jun. 30, 2025.
Regulators
EGY FRA
Entity Types
Ins
Reference
Dec 58/2025, PR, 3/27/2025
Functions
Actuarial and Valuation; Compliance; Financial; Operations; Privacy; Record Retention; Registration/Licensing; Technology
Countries
Egypt
Category
State
N/A
Products
Home Insurance; Insurance; Insurance-Casualty; Insurance-Health; Insurance-Life; Insurance-Property
