The Egypt Financial Regulatory Authority has issued an updated model contract for standard group insurance for microfinance customers, covering death from any cause and permanent total disability. The new template replaces the earlier model and requires life and capital formation insurance companies to apply it. Key changes include raising the maximum insurable age from 60 to 65, while allowing coverage above 65 by agreement between the insurer and the financing entity. Cover starts from the date specified in the data submitted to the insurer and ends when the financing term ends, with premiums calculated on the outstanding finance amount excluding prescribed fees, stamp duties, and the policyholders’ fund contribution. Insurers must pay due amounts directly to the contracting party or the insured within five working days of receiving all required documents; the template also sets out exclusions (including beneficiary-related crimes, nuclear radiation injuries, and HIV/AIDS cases predating coverage) and defines permanent total disability as an incurable condition lasting six consecutive months that prevents work. Decision No. 27 of 2026 cancels Decision No. 16 of 2019 and gives insurers and financing entities six months to align with the new model.
Egypt Financial Regulatory Authority 2026-02-09
Egypt Financial Regulatory Authority updates standard group microfinance insurance contract and raises maximum coverage age to 65
The Egypt Financial Regulatory Authority has released an updated model contract for group insurance for microfinance customers, covering death and permanent total disability. Key changes include raising the maximum insurable age to 65 and specifying coverage terms and exclusions. Decision No. 27 of 2026 replaces the previous model and mandates a six-month compliance period for insurers and financing entities.