Egypt's Financial Regulatory Authority (FRA) has required life insurance companies to conduct credit checks on applicants seeking individual insurance policies worth EGP 10 million or more, or the equivalent in foreign currency, under new underwriting regulations.
The decision gives insurers three months to comply after the rules came into effect on July 16. Under the new regulations, companies must obtain credit reports from licensed credit information providers when an applicant's income, profession, or financial status does not match the value of the policy or premiums, or when there are concerns over the legitimacy of the application.
The rules also require insurers to verify applicants' identities and financial information and strengthen internal controls to detect suspicious applications and prevent fraud. FRA Chairman Islam Azzam said that the measures will improve risk assessment, reduce insurance fraud, and strengthen protection for policyholders.
He added that insurers must immediately report suspected fraud cases to the authority. The Inauguration of the State Strategic Command Headquarters “The Octagon” in the New Capital President Sisi inaugurates 'Octagon' Strategic Command headquarters in New Capital The Inauguration of the State Strategic Command Headquarters “The Octagon” in the New Capital President Sisi inaugurates 'Octagon' Strategic Command headquarters in New Capital