Osama Gabr, general manager of Issue Department at Royal Insurance Company, criticized the Egyptian Financial Supervisory Authority (EFSA) for not supervising healthcare companies. These companies work as insurers but do not sign reinsurance agreements, Gabr added.
Gabr, expert consultant to EFSA, blamed the chairman of EFSA Dr. Ashraf El-Sharkawy on such mess, adding that EFSA had severally asked these companies to organize their work but they ignored such demands.
Healthcare companies are conducting insurance transactions without licenses, Gabr affirmed, noting that EFSA is to be blamed for not supervising such firms that can be easily tracked through their issued insurance policies.
Ehab Samir, chairman and managing director EMKS Insurance Brokerage, said the role of healthcare firms shall be only in managing the insurance services and choosing the best offers, which would help the medical insurance sector to improve. Samir affirmed on the importance of regulating the relationship between insurers and health care firms. He added that EFSA shall prevent Health Maintenance Organizations (HMOs) from issuing insurance policies.
