الهيئة العامة للرقابة المالية

• The resolution defines mandatory documents for all ECIP claims.
• Applications must include an official accident report and a legal declaration to ensure document validity.
• A mandatory 30-day window is established for the final disbursement of all completed insurance claims.

FRA Board of Directors chaired by Dr. Mohamed Farid, has promulgated a landmark resolution establishing the regulatory framework for insurance disbursements from the Egyptian Compulsory Insurance Pool (ECIP). This unprecedented move underscores FRA’s strategic commitment to develop and update the insurance ecosystem, bolster the efficiency of non-banking financial markets and ensure the robust protection of stakeholders’ rights.

The Egyptian Compulsory Insurance Pool (ECIP) serves as the central body managing mandatory motor insurance in Egypt, providing essential coverage for third-party bodily injuries and property damage resulting from road accidents.

Board Resolution No. 302 of 2025 introduces the first comprehensive regulatory structure for ECIP disbursement procedures. The initiative is designed to instill institutional discipline, eliminate procedures, and expedite the delivery of entitlements to victims and their families. This reform aligns with FRA’s broader vision of fostering a sustainable, high-efficiency insurance sector that responds dynamically to public needs.

Dr. Mohamed Farid, FRA Chairman noted that the resolution serves as a key executive step in implementing the Unified Insurance Law. He emphasized that the move is part of the Authority’s strategy to refine the legislative and regulatory landscape, ensuring market stability and enhancing efficiency of non-banking financial services.

Under the new regulations, claimants must submit a formal compensation request supported by an official police accident report and a legal declaration attesting to the authenticity of all documentation. To enhance transparency and financial inclusion, compensation will be disbursed via direct bank transfers or through a certified special power of attorney that explicitly defines the payout value and collection authority.

For death-related claims, the resolution mandates the submission of automated death certificates, original inheritance certificates and valid national IDs for adult heirs. To safeguard the rights of minors, the ECIP is empowered to request specific documentation – including birth certificates, guardianship decrees, and statements from the Prosecution for Minors-ensuring that their entitlements are managed strictly in accordance with legal frameworks.

Regarding permanent disability claims (total or partial), the resolution requires a detailed report from a competent medical authority specifying the nature and percentage of the disability, alongside valid identification. For property damage, the resolution mandates an assessment by a certified loss adjuster to ensure that compensation is determined with integrity and objectivity.

The resolution reinforces the ECIP’s obligation to reach final decision on claims within a maximum of 30 days from the submission of a complete file. This strict timeline reflects FRA’s priority to accelerate settlements, elevate the quality of insurance services, and deepen public trust in the compulsory insurance system as one of the pillars of Egypt’s non-banking financial sector.