The Egyptian Financial Supervisory Authority is set to finish both insurance and consumer finance laws during the next year according to its Chairman Mohammed Omran.
He added on the side lines of a press conference that EFSA would send both laws to the cabinet then the Council State to review the final draft of the law and its compliance with the authority regulations.
Omran further noted that EFSA has sent six laws regarding the non-banking activities to the state council during the last four years.
The Authority is responsible for supervising and regulating non-banking financial markets and instruments, including the Capital Market, the Exchange, all activities related to Insurance Services, Mortgage Finance, Financial Leasing, Factoring and Securitization
EFSA role is to regulate the market and ensure its stability and competitiveness to attract more local and foreign investments ” The mandate of the Authority also includes limiting inconsistency risks and addressing problems arising from applying different supervisory rules”.
