الهيئة العامة للرقابة المالية

• Companies are obligated to record issuance and compensation data on the platform.

Dr. Mohamed Farid – FRA Chairman:

• Electronic linking and accelerated digital transformation are crucial for expanding insurance coverage beneficiaries
• Requiring companies to record their data facilitates the development of a precise, real-time, audited database, enabling efficient and effective supervisory and regulatory decisions.

FRA Board of Directors chaired by Dr. Mohamed Farid issued decree No. 58 of 2025, detailing the executive procedures for data registration on the electronic linking platform between FRA and insurance companies. This decree mandates real-time data registration on the platform. However, insurance companies are granted a grace period until June 30, 2025, to register data within a maximum of five business days from the date of the relevant company action.

Concerning historical data, the decree compels insurance companies to register all records, documents and compensation appendices valid from January 1, 2024, to the decree’s effective date, within three months of the latter. Furthermore, companies are required to register all insurance product contract templates, amendments and related appendices approved by FRA prior to January 1, 2025, within three months of the decree’s effective date.

The decree mandates that insurance companies include the national ID number for individuals and the tax registration number for corporate beneficiaries of compensations. Furthermore, companies must record the national ID number for all insured clients upon policy issuance and the national ID and tax registration numbers for contracted parties in-group policy contracts. For historical data where the national ID or tax registration numbers are unavailable, the decree permits companies to utilize a temporary code for registration completion. However, companies must subsequently update the relevant insured data within six months of the decree’s effective date and submit monthly reports to the Authority detailing their registration progress.

Previously, the Authority issued decree No. 19 of 2023, requiring insurance companies to establish the necessary technological infrastructure for database integration with it. This integration enables the Authority to analyze key performance indicators for informed regulatory and developmental decision-making. This initiative underscores the insurance sector’s significant contribution to the gross domestic product (GDP) through effective risk management of economic assets, thereby solidifying its role as a crucial instrument for sector stability and business continuity.

Dr. Mohamed Farid underscored the critical importance of continuous technological infrastructure development by insurance companies to ensure seamless database integration with FRA. This integration is pivotal for advancing regulatory and organizational frameworks, facilitating efficient electronic monitoring and supervision, and expediting company inspections through immediate data accessibility. Such access empowers FRA to achieve comprehensive and precise database oversight, enabling timely and informed decision-making.

FRA Chairman further elaborated that enhancing the technological capabilities of insurance companies not only boosts operational efficiency and streamlines policy issuance but also accelerates claims settlement, thereby reinforcing customer trust in the insurance sector. He emphasized the role of financial technology in enabling effective digital marketing, reducing distribution costs and attracting new clients, ultimately driving sector-wide growth.

This decree aligns with FRA’s strategic vision and objectives, particularly in accelerating digital transformation and promoting the adoption of financial technology within non-bank financial activities and services. This decree activates Law No. 5 of 2022 and the Unified Insurance Law No. 155 of 2024, thereby expanding insurance coverage and increasing beneficiary numbers. FRA remains committed to foster a balanced regulatory and legislative environment that promotes innovation while safeguarding market stability, ensuring transactional integrity and enforcing corporate compliance with applicable laws and regulations.

FRA’s Chairman emphasized that the ongoing refinement of regulatory and organizational frameworks streamlines supervision, monitoring, and electronic oversight, thereby expediting companies’ inspections through immediate data accessibility. This empowers the Authority to achieve comprehensive and precise database analysis, enabling timely and informed decision-making.

Moreover, accelerating digital transformation and enhancing companies’ adoption of technological applications in their insurance service delivery significantly improves operational efficiency and facilitates policy issuance. This, in turn, contributes to accelerated claims settlement, bolstering customer trust in the insurance sector, while also enabling companies to leverage digital marketing, reduce distribution expenses and attract new clients, driving sector-wide growth.