Mohamed Omran, Chairperson of the Financial Regulatory Authority (FRA), said on Monday that the new social insurance law will come into effect by the second half of 2022.
Omran’s remarks came during a press conference to launch the first optional insurance policy for Egyptians working and residing abroad, under the supervision of the Ministry of Immigration and in cooperation with the FRA.
The Social Insurance Law sets a minimum insurance of EGP 1,200, which increases annually, in addition to making it possible to register for insurance online. The law stipulates an annual increase of 15%, up to EGP 2,300 by 2025.
Minister of Immigration Nabila Makram said the insurance policy for Egyptians working abroad covers transporting the bodies of the deceased to the homeland, in a way that guarantees their dignity and reduces the financial burdens on families.
Omran said that extending the insurance umbrella to provide protection for Egyptians working and residing outside the country – for the first time – in cases of death has long been a challenge to financial supervision and the insurance industry.
He added that the insurance includes the payment of the travel insurance pool at a maximum amount of EGP 100,000 in the event of the death of the insured Egyptian abroad in an accident, including the actual cost of preparing and transporting the body, then the remainder of the insurance amount is distributed to the legal heirs according to the notification of the inheritors or beneficiaries if stipulated when filling out the details of the insurance application, and in the event of a natural death, the company pays the actual cost of preparing and transporting the body only.
On the sidelines of the conference, Omran expected that the stock exchange would witness an offering worth nearly EGP 1.7bn soon, and that the new year 2022 would see more offerings.