The Egypt Financial Regulatory Authority has streamlined insurance product approvals by allowing insurers to use standard property and liability policy forms submitted by the Insurance Federation of Egypt and approved by the authority without obtaining separate company-level approval. The measure follows the authority’s review of the approval framework with insurers and restructures the workflow for its insurance product approval function. An insurer must notify the authority in advance and submit a declaration signed by its legal representative confirming full compliance with the approved form and terms. Use may begin on the later of the date the authority receives the notice and the insurer’s specified start date, without further approval. Insurers remain responsible for the accuracy of their declarations and conformity of issued policies, while any addition, deletion or amendment requires prior notification and approval under the Unified Insurance Law. Personal insurance and fund accumulation policies are excluded. The change applies only to approval of standard forms and terms, leaving insurers’ pricing and electronic issuance obligations, as well as the authority’s review, supervision and enforcement powers, unchanged.
Egypt Financial Regulatory Authority removes separate approval for insurers using standard property and liability policy forms
The Egypt Financial Regulatory Authority will let insurers use approved standard property and liability policy forms after prior notice, without separate company-level approval. Insurers must follow the forms exactly, and any amendment still requires approval. Personal insurance and fund accumulation policies are excluded.