On Oct. 31, EGY FRA issued decision implementing the insurance law.
EGY FRA issued Decision 223 of 2024 re controls for regularizing the status of companies operating in the insurance sector as per Unified Insurance Law, #220097.
Overview
Decision refers to the activity of managing health care programs, companies that assume responsibility for all administrative work related to medical insurance policies.
As well as applies to third party companies that manage self-financing health care programs for the benefit of institutions, organizations, or business owners.
Such firms must come into compliance with the Unified Insurance Law, including revising their articles of association and main purpose, by Dec. 1, 2024.
Firms shall hold extraordinary general assembly meeting to approve these revisions and certify the minutes of that meeting by the competent administrative authority.
Also, must provide evidence of the completion of these procedures within a week from the date of completion of the approval of the minutes of the meeting.
Specialized health insurance companies and health care program management firms must attach to their filings to regularize their status a request for temporary license.
Until their status is regularized in accordance with the Unified Insurance Law.
Effectiveness
Decision is effective on the day following its publication in the official gazette.
Dec. 2024 Extended Compliance Deadline
On Dec. 1, 2024, EGY FRA issued Decision 2908 of 2024 extending the deadline for insurance companies' compliance with Decision 223 of 2024, until December 31, 2024.
Decision shall be published in the official gazette, and on the authority's website.
Regulators
EGY FRA
Entity Types
Ins
Reference
Dec 2908/2024, 12/1/2024; PR, 10/31/2024; OG 338, 10/28/2024; Dec 223/2023, 10/16/2024;
