Tripartite Committee To Start Drafting The Unified Insurance Brokerage Contract

The tripartite committee, composed of Egyptian Insurance Brokers Association (EIBA), Insurance Federation of Egypt (IFE) and Egyptian Financial Supervisory Authority (EFSA), has discussed the insurance brokerage unified contract, said Adel Shaker, chairman of EIBA.

Brokers were divided into 10 categories: productive unit subsidiary to non-life insurance company, productive unit subsidiary to life insurance company, freelance broker working for non-life insurance companies, freelance broker working for life insurance companies, insurance brokerage company working for non-life insurance companies, insurance brokerage company working for life insurance companies, freelance broker working for a non-life insurance company, freelance broker working for a life insurance company, insurance brokerage company working for a non-life insurance company and an insurance brokerage company working for a life insurance company.

Despite dividing the unified contract into 10, all these contracts ensure the rights and obligations of both parties; insurers and brokers, Shaker added.

IFE is slated to hold meetings in the upcoming period to draft the final form of the unified contract to be approved afterwards by EFSA.

The tripartite committee’s meetings were attended by the managing director of Allied Arab Assurance Brokerage Hazem Dawood as representative of Egyptian joint insurance brokerage companies, the managing director of Gras Savoye Insurance Brokerage Company Hamed Mabrouk as representative of foreign-originated insurance brokerage companies, and Adel Shaker as representative of EIBA.

Ashraf Ismail, Raed EL-Nafrawy, Reda Aboul Enein and Gamal Shehata were representatives of IFE and Hisham Salah was a representative of EFSA at the meetings.