IFE Not Notified Officially With New Bancassurance Regulations

The Central Bank of Egypt (CBE) has not officially informed the Insurance Federation of Egypt (IFE) with the new bancassurance regulations yet, said Abdel Raouf Kotb, chairman of IFE.

He affirmed that insurance companies are ready to re-activate the bancassurance service and do not need a reprieve to adjust their positions, noting that insurance companies have already started offering bancassurance service before 2007.

Bancassurance is the lifeline of life insurance sector as it is a new marketing channel for the sector, he noted.

It is worth mentioning that CBE has set new bancassurance regulations such as covering against the risks related to bancassurance and the complete separation between the activities of insurance companies and banks as well as the adherence to the disclosure and transparency requirements.