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Financial Regulatory Authority mandates pricing regulations for insurance companies

The Financial Regulatory Authority (FRA) has mandated insurance companies to price their policies to enhance market efficiency and fairness in pricing.
19.09.23 | Source: EgyptToday

The Financial Regulatory Authority (FRA) in Egypt is enforcing pricing regulations on insurance companies to insure fair competition and protection of policyholder rights. This move aims to uphold the sector's discipline and promote transparency within the insurance industry. FRA hopes to foster a healthy competitive environment while safeguarding the interests of policyholders. This regulatory decision aligns with the FRA's broader goals of boosting market efficiency, competitiveness, and fairness in transactions and pricing. Besides the pricing regulations, the FRA is also promoting digital transformation in the non-banking finance sector, aiming for financial inclusion and empowerment of diverse societal segments through non-banking financial services. The digital transformation initiative includes resolutions to establish requirements for equipment, technological infrastructure, information systems, security measures including insurance coverage, regulating digital identity, contracts, records, and creating a registry for service providers. These efforts show FRA's commitment to fostering a secure, competitive environment benefitting both consumers and financial service providers.