Mohandes Insurance Eyes Regulatory Approval for Bancassurance Licence
Egypt’s Mohandes Insurance Co. is seeking the country’s market regulator’s approval to obtain the bancassurance licence for its life and properties arms, official said.
According to Mohamed Lotfy – chairman of board at Mohandes, the company submitted a formal request to the Egyptian Financial Supervisory Authority (EFSA), aiming to make Mohandes Insurance (Properties) and Mohandes Insurance (Life) start bancassurance activities.
Mohandes awaits EFSA’s approval so that it would start negotiations with a number of banks so as to cooperate in using the bancassurance mechanisms, Lotfy noted.
About the newly-launched Mohandes Life Insurance affiliate, Lotfy referred that it had officially started its businesses in the Egyptian market few days ago after receiving the regulatory approvals. In this respect, the actuary Abdel Latif Murad has been appointed as the managing director of Mohandes Life Insurance, he added.
Egypt’s market regulator has recently approved Mohandes Insurance Company’s request to launch its new subsidiary for Life Insurance, with a capital worth 60 million Egyptian pounds.
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.
