This comes within the FRA’s keenness to enhance the efficiency of markets, protect their competitiveness, and ensure the safety and fairness of dealing and pricing.
The Financial Regulatory Authority (FRA) obligated insurance companies and cooperative insurance societies to price insurance policies.
“The new decision comes within the framework of the Authority’s continuous endeavor to ensure the discipline of the pricing process for various insurance products, which ensures the achievement of insurance practices that improve the levels of fair competition in the insurance market, ensuring the preservation of the rights of policyholders as well as the safety and stability of the financial positions of insurance companies,” FRA’s Chairman, Mohamed Farid stated.
This comes within the FRA’s keenness to enhance the efficiency of markets, protect their competitiveness, and ensure the safety and fairness of dealing and pricing.
The FRA also issued a decision to commence the process of digital transformation of the non-banking financial sector, with the aim of harnessing the potential of technology to support the government’s vision of achieving financial inclusion and empowering different segments of society to benefit from non-banking financial services.
This decision includes 3 resolutions: the first is resolution 139, which includes requirements for equipment, technological structure, information systems, means of protection and insurance.
The second is resolution 140 which aims to regulate the requirements for creating digital identity, digital contracts, and digital records, and finally resolution 141, which allows the creation of a registry to register outsourcing service providers.
