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CAIRO, EGYPT - September 24: The Four Seasons Hotel and the Grand Nile Tower Hotel on September 24, 2017 in Cairo, Egypt. Overview photos of Cairo's buildings, cityscape and infrastructure from above taken from Cairo Tower in Zamalek. (Photo by David Degner/Getty Images) Image used for illustrative purpose.
Arab Finance: The board of directors of the Financial Regulatory Authority (FRA) issued Decree No. 58 of 2025 regarding obligating insurance companies to register their real-time data on the electronic platform linking them with the authority, as per a statement.
Insurance firms shall register data on the platform no later than June 30th, 2025, within a maximum of five days from the date the company takes action.
As for historical data, the decision authorizes insurance entities to register all data records, documents, and compensation supplements from January 1st, 2024, until the effective date of the decision.
They also require insurance product contract forms, amendments, and supplements approved by the Authority before January 1st, 2025, to be registered within a period not exceeding the effective date of the decision.
According to the decision, insurance companies are required to include the national ID numbers of individuals and the tax registration numbers of companies for compensation beneficiaries.
They will also have to include the national ID numbers of all insured clients when issuing policies, as well as the national ID numbers and tax registration numbers of entities contracted with.
Such a move allows companies with historical data that do not have the national ID numbers or tax registration numbers of their insured to provide a code number and complete the registration process.
In this regard, the company must include the relevant data for the insured within a period not exceeding six months from the effective date of the decision, along with submitting a monthly report to the FRA on its registration work.
Meanwhile, Mohamed Farid, the Chairman of FRA, noted that developing the technological infrastructure of insurance companies boosts operational efficiency and eases the issuance of insurance policies, accelerating the completion of compensation.
He pointed out that financial technology enables insurance companies to enhance e-marketing, lower distribution costs, and attract new customers to achieve growth targets in the insurance sector at all levels.
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