Egypt’s market regulator approved Mohandes Insurance Company’s request to launch its new subsidiary for Life Insurance, with a capital worth 60 million Egyptian pounds.
In this respect, Mohammed Maait – Vice Chairman of the Egyptian Financial Supervisory Authority (EFSA) – told Amwal Al Ghad that Mohandes Insurance will hold a ruling stake in the new company, which will start offering life insurance products within the coming few days.
The Egyptian financial official has also assured that the authority gives its full support to all the new insurance entities, looking forward to witnessing a competitive insurance market in the country within the coming phase.
EFSA had informed in the last few months Mohandes Insurance to halt its life insurance activities in accordance with Law No. 118/2008.
Law No.118/2008 enforced Insurance Companies that merge between both insurance activities , life and non-life insurance; to detach them within 2 years from the date of issuing the law and this period can be extended but according to the EFSA`s approval.