Chairman of the Financial Supervision Authority: Insurance is one of the most important non-banking financial activities to increase savings rates

Dr. Muhammad Farid Saleh, Chairman of the Financial Supervision Authority, confirmed that insurance is one of the most important non-banking financial activities, To increase savings rates and then increase investment by drawing up specific and comprehensive rules for the insurance industry in Egypt, and organizing the rules of supervision and control over it..

The Chairman of the Financial Supervision Authority indicated during his speech at the plenary session on Sunday at the House of Representatives headquarters in the Administrative Capital to discuss the draft unified insurance law that The project brings together 4 pieces of legislation In one law, to eliminate the multiplicity of legislation and keep pace with what has happened The insurance market has undergone changes, in addition to implementing insurance coverage, digital transformation, developing the insurance sector, developing special insurance mechanisms, and increasing the level of transparency and disclosure..

Farid explained that the draft law aims to implement a strategy Insurance coverage to reach citizens who have not reached insurance services, and work to Issuing insurance packages against natural risks such as earthquakes, floods, torrents, tsunamis and heavy rain.

He continued that The draft law aimed to develop the voluntary insurance system represented by private insurance funds, by making amendments to develop the mechanisms for forming the boards of directors of private insurance funds, how to hold and manage their general assemblies, and increase the level of transparency and disclosure while applying the rules of good governance to the management of private insurance funds, and allowing the establishment of funds. Especially in accordance with the three internationally known systems, in addition to creating quick and efficient mechanisms to settle complaints and disputes of members of those funds, while allowing the establishment of a union of private insurance funds, and the use of their digital transformation mechanisms to the extent that is consistent with the nature of those funds. .

The head of the Financial Supervision Authority said that the draft law aims to revitalize the insurance sector, including: Referring insurance disputes to economic courts for adjudication, except for those that are within the jurisdiction of the State Council.

Property insurance companies were also allowed to practice some new branches such as credit and agricultural insurance for the first time.