The Central Bank of Egypt (CBE) has brought new bancassurance regulations into effect so as to allow banks to offer this service.
CBE announced in a statement that the new regulations and procedures of bancassurance include the necessity of covering risks related to bancassurance and the complete separation of the activities of banks and insurance companies as well as adherence to transparency and disclosure requirements.
CBE’s board of directors decided in its session yesterday to approve these regulations and stated that banks that want to offer this service shall submit a request to the control and supervision sector before dealing with insurance companies.
The central bank granted banks, which offer bancassurance service, a reprieve of three months to adjust their positions.
