الهيئة العامة للرقابة المالية

• The Financial Services Institute conducts an interactive workshop on the Unified Insurance Law for Economic Courts’ judges

Dr. Mohamed Farid – FRA Chairman:

• We are continuously striving to enhance collaboration with government institutions, particularly the Ministry of Justice, in alignment with our shared visions and objectives.
• Sharing expertise with judges on insurance regulations helps speed up dispute resolution and boost public trust.

Counselor Tarek Harbi, Assistant to Minister of Justice for Specialized Courts:

• Collaboration with the Authority will enhance the efficiency of resolving disputes in the non-bank financial sector
• Exchange of expertise with government agencies is essential for enhancing the work of specialized courts in Egypt

FRA in partnership with the Ministry of Justice and through its training arm, the Financial Services Institute, organized a two-day interactive workshop for judges of economic courts. The workshop focused primarily on the insurance sector in light of the issuance of the Unified Insurance Law No. 155 of 2024, which represents a unique legislative framework encompassing all insurance regulations.

Dr. Mohamed Farid, FRA Chairman welcomed the attendees and presented an overview of the Unified Insurance Law, emphasizing the importance of exchanging expertise between FRA and economic court judges, given their role in adjudicating disputes related to this sector. Counselor Tarek Harbi, Assistant  to Minister of Justice for Specialized Courts, attended the interactive workshop along with 36 judges from economic courts and senior officials from FRA and the Financial Services Institute.

Dr. Farid stated that the Unified Insurance Law represents a comprehensive legislative framework that consolidates four previous laws governing the insurance sector. This law addresses certain challenges and developments that have emerged in the sector and is a significant step towards policies and procedures aimed at regulating and digitizing financial transactions, as well as promoting the use of financial technology to increase the number of beneficiaries of insurance coverage.

FRA Chairman added that general insurance principles, which were not explicitly stated in most previous laws, are a key principle of the new law. He pointed out that FRA will be issuing a periodic memo to clarify these matters. The interactive workshop organized by the Authority included presentations to familiarize judges with real-life applications within insurance companies.

The workshop featured presentations on insurance supervision, including regulatory frameworks, legal aspects, and real case studies involving claims and disputes.

Dr. Mohamed Abdel Aziz, Assistant to the Chairman, presented an overview of the Authority, including its history, jurisdiction, and supervisory scope over non-bank financial activities. This provided judges with a comprehensive understanding of FRA’s role and the regulatory landscape.

Subsequent sessions featured a presentation by Dr. Islam Azzam, FRA Vice Chairman to inform judges about the latest developments, executive decisions, and implementation mechanisms related to the new law, including its underlying philosophy. This aligns with the overarching goal of enhancing judicial integration, crucial for expeditiously resolving future legal disputes and fostering public trust in the financial sector.

On the other hand, an open dialogue between judges and Tarek Seif, Executive Director of the Financial Services Institute, along with senior insurance officials, focused on insurance contracts and their terms. This facilitated an exchange of expertise on contract provisions, implementation mechanisms and related technicalities.

Counselor Tarek Harbi, Assistant to Minister of Justice for Specialized Courts, underscored the critical importance of collaboration between regulatory bodies, such as the Financial Regulatory Authority and specialized courts. He emphasized that this collaboration is essential for expeditiously resolving legal disputes, particularly within the insurance sector, especially in light of the recent enactment of the Unified Insurance Law. In addition, he acknowledged the inherent complexity of insurance contracts, recognizing the intricate legal terms and data involved. Counselor Harbi pointed out that judges enthusiastically received the workshop. He urged FRA to organize similar events to foster knowledge exchange and strengthen judicial cooperation.