Egypt: FRA orders insurance companies to develop their tech infrastructure

Egypt: FRA orders insurance companies to develop their tech infrastructure

Egypt - The Financial Regulatory Authority (FRA), chaired by Mohamed Farid, issued Decision No. (19) of 2023 regarding the commitment of insurance companies to provide the necessary technological infrastructure to link their database with the Authority’s database.

The first article of the aforementioned decision obligated the insurance companies to provide the necessary technological infrastructure to link their database with the Authority in accordance with the controls set by the Authority in this regard.

The decision also obligated the insurance companies to make available a number of data through the electronic systems being prepared, namely: contracting with them and reasons for refusal, data on defaulted customers and those who stopped paying loans in cases of credit insurance, special data on the issuance record, including data on issuance, modification and cancellation of documents, issuance settlements, and collection of installments, data on the compensation record, including notification data, and compensation payment and their settlement, data related to the allocated funds record (linking funds of all kinds, funds revenues and expenses related to funds), data related to the record of reinsurance agreements, the record of optional operations, credit and debit reinsurance balances, data of the company’s headquarters and branches, in addition to any other data required