The Financial Regulatory Authority (FRA) has issued a decision to extend the instalment payment deadline for non-payment risks insurance policyholders. The authority’s initiative covers micro, small, and medium enterprises (MSMEs).
FRA chairperson Mohamed Omran said that instalments to be collected starting early March to September without imposing any delay fines.
Omran added in a Wednesday statement that the decision aims to cushion the negative impact of coronavirus pandemic on companies.
He said that the decision also aims to ensure the stability of MSMEs, as part of the social safety measures adopted by the state. It also aims to guarantee the validity of their insurance policies to ensure they will be compensated in the case of accidents.
Earlier, FRA has launched an initiative to grant five million insurance customers a deadline extension. It covers payments for individual life insurance policies, medical, auto insurance policies, and corporate insurance policies (life and property insurance).
The initiative urged the insurance companies’ clients to use e- payment methods available in the insurance companies. It urged insurance companies to adhere to compensating their clients in the case of accidents as soon as possible through various payment channels.