July 25, 2024
Govt announces new system for issuance of health insurance policies for foreign visitors
The Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP) has announced a health insurance project for tourist visas. Visitors can acquire a health insurance policy when they apply for their visas online through the ICP website or app. Source Middle East Insurance Review
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Bilal Jarjour
July 25, 2024
Egypt: The Financial Regulatory Authority issues new amendments to the controls for granting licenses to non-banking companies
The Financial Regulatory Authority (FRA) issued Resolution No. 140 of 2024 amending FRA Board Resolution No. 53 of 2018 regarding the controls for granting and continuing the license and the rules for owning shares of companies operating in non-banking financial activities. Source اموال الغد
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Bilal Jarjour
July 24, 2024
Algeria: Algeria’s insurance market grows by 4% to 48.4 billion dinars
The National Insurance Market in Algeria achieved a turnover of 48.4 billion Algerian dinars in various activities during the first quarter of the year, a growth of 4% compared to the same period last year, the National Insurance Council said in its latest memorandum. Source Al Morakeb Group
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Bilal Jarjour
July 24, 2024
Cabinet approves several insurance bylaws
Cabinet session, headed by Prime Minister Bisher Khasawneh, approved the 2024 Mandatory Vehicle Insurance Bylaw on 21 July 2024. The objective is to cover all damages arising from vehicle-related accidents and set limits on the insurance company’s liability to pay compensation. Source Middle East Insurance Review
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Bilal Jarjour
July 24, 2024
Egypt: With a minimum capital of 3 million pounds. The Unified Insurance Law codifies the launch of actuarial expertise companies
The Unified Insurance Law allowed, for the first time in the Egyptian market, the Financial Regulatory Authority (FRA) to license actuarial expertise through companies established for this purpose and registered in the register prepared for this purpose at the Authority, and in accordance with the rules and procedures issued by the Authority’s Board of Directors.…
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Bilal Jarjour
July 24, 2024
CrowdStrike outage an opportunity for re/insurance market to react and improve
The July 19 global IT outage is an opportunity for the re/insurance market “to react by improving granularity on codifying policy information important for understanding portfolio accumulation risks stemming from certain coverage grants. Source Reinsurance News
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Bilal Jarjour
July 22, 2024
Kuwait: The Kuwait Authority issues a decision regarding the exception of companies subject to the “Insurance Unit”
The Kuwait Capital Markets Authority (CMA) issued Resolution No. 90 of 2024 regarding the exemption of listed companies subject to the supervision of the Insurance Regulatory Unit from the provisions of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. 7 of 2010. The exception will be by adding some amendments to the…
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Bilal Jarjour
July 22, 2024
Fraud in Tunisian insurance business to be in the hands of a new entity to launch in 2025
The Tunisian Federation of Insurance Companies (FTUSA) has officially launched an anti-fraud and anti-fraud insurance sector (ALFA) entity involving local and foreign insurance and reinsurance companies operating in Tunisia and subject to insurance law. Source: تأمين ومصارف
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Bilal Jarjour
July 22, 2024
Financial regulator directs NBFIs to step up cybersecurity, starting off with insurers
The Financial Regulatory Authority (FRA) has ordered non-banking financial institutions (NBFIs) to acquire cyber insurance policies among several moves to adopt measures to enhance their cybersecurity system and protect sensitive IT systems and data. Source: Middle East Insurance Review
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Bilal Jarjour
July 22, 2024
Saudi Arabia: Insurance Authority says sector unaffected by 19 July global IT outage
The Insurance Authority (IA) says that it and the country’s insurance sector was unaffected by the 19 July massive global tech outage. Source: Middle East Insurance Review
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