The Egypt Financial Regulatory Authority has issued a decision creating a new notification-based process for insurance contracts issued by personal insurance and fund formation companies, with the aim of speeding the handling of group insurance business that already relies on wording previously cleared by the regulator. The regime covers standard contracts issued or renewed under models already approved by the authority and non-standard contracts that are being renewed for customers after having been approved when first issued, without changing firms’ obligations under the Unified Insurance Law. For standard contracts, companies must submit a separate statement covering all contracts issued or renewed under each approved model, together with a copy of the previously approved model and a legal representative’s undertaking that the contracts match that model and were prepared in line with the technical basis, actuarial report and reinsurance arrangements already filed with the authority. For renewed non-standard contracts, firms must submit a statement covering all such contracts plus an undertaking that the renewals match the contracts previously approved at issuance and continue to follow the technical basis, actuarial report and reinsurance arrangements already provided. In both cases, the data must be filed in the first week of the month following issuance or renewal, and the authority may request copies of contracts, actuarial reports including actual experience, or other related documents at any time. The authority said the decision followed market dialogue and practical review of issues arising under Article 209 of the Unified Insurance Law, which requires insurers to notify the regulator of policy terms, forms and amendments and bars their use until approval is granted or 30 days pass after notification with complete documents and no response.

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