FRA Sets Fee for Review of Insuranc

Following the trend of amending insurance-related regulations, the Financial Regulatory Authority (“FRA”) issued Decision No. 144 of 2018,[1] setting a fee for the review of insurance policy forms. The fee to be paid to the FRA in consideration for said services will be collected from insurance and re-insurance companies, as well as cooperative insurance associations for the review, ratification, or amendment of insurance policy forms and is set at 1 per 1000 of total direct premiums. The fee must be paid within two weeks from the end of each fiscal quarter, and can be charged to consumers but without any increases.   [1] FRA Board of Directors Decision No. 144/2018 on service fees applicable on the issuance of new insurance policies or amendment of existing insurance forms, Egyptian Gazette, Issue No. 235, 20 October 2018.