EFSA Studies EIBA’s Amendments To The Unified Contract

The Egyptian Insurance Brokers Association (EIBA) has sent the final amendments it made to the unified contract to the Egyptian Financial Supervisory Authority (EFSA). These amendments were made in accordance with its agreement with EFSA, said Adel Shaker, chairman of EIBA.

EIBA awaits EFSA’s approval over the new contract which includes 18 obligatory articles, Shaker added.

The new contract gives the brokers that right to observe insurance policies and compensations, in addition to receiving a disclaimer from insurance companies by the end of every fiscal year. Besides, brokers and insurers will choose a damage assessment expert.

The contract states that insurers shall inform other parties with any amendments made to the insurance policy. Insurance companies shall reply to any message sent by the brokers within a week and if they did not reply, that would mean that they agree on what was sent. The unified contract also states that insures have not the right to appoint brokers.