Egypt Mulls E-linkage between Insurance Companies and Brokers

Dr. Mohammed Maait – Vice Chairman of the Egyptian Financial Supervisory Authority (EFSA) – announced on Sunday that the Supreme Advisory Committee is currently studying mechanisms to e-link between insurance companies and brokers.

The Egyptian top official spoke to Amwal Al Ghad on Sunday, stating that the Committee is also planning within the upcoming period to discuss the launch of electronic websites for brokerage firms. In addition, the Committee intends to prepare mechanisms necessary to enable brokerage firms to issue some types of insurance policies directly.

During its latest meeting, the Committee had reviewed the regulations on the insurance brokerage sector in Egypt, seeking to make brokerage firms and agents work in harmony.

It is worth to note that the Supreme Advisory Committee has been formed as pursuant to EFSA Chairman’s decree No. 154/2010.