The Egyptian Financial Supervisory Authority (EFSA) plans to issue a new insurance law to be merged with the Private Insurance Funds Law, with the aim to provide as large as possible insurance base. This came during the EFSA’s end-of-year conference held on Tuesday.
Mohamed Omran, chairperson of the Egyptian Financial Supervisory Authority (EFSA), said that the authority decided to oblige its registered auditors to have insurance policies, as well as financial consultants, doctors, and engineers.
He added that the EFSA plans to meet with the Ministries of Education, Higher Education and Transport as well as Al-Azhar to convince them to issue life insurance policies for students and employees.
Omran said that the Capital Market Advisory Committee (CMAC) will submit its final proposal about the mechanism of lending shares – short selling – to the EFSA’s board of directors next week for discussion and approval.
On the other hand, Omran expected the parliament to approve the Capital Market bill by the end of February in preparation for drafting the law’s executive regulations.
Omran also revealed that he has signed a contract with a human resources company to restructure the structure of the EFSA.