President of the Senate Abdel Wahab Abdel Razek decided to refer a draft law amending some provisions of Law No. 200 of 2020 regarding the establishment of the Support Fund for Persons with Disabilities to the Human Rights and Social Solidarity Committee and the Office of the Constitutional and Legislative Affairs Committee.
This came after reciting the letter received from the Speaker of the House of Representatives, Hanafy Al-Gebaly, to the Senate based on the articles of the constitution, the Senate Law, and the Senate’s bylaws, as well as the House’s internal regulations that authorise it to define and refer draft laws that it deems appropriate to seek the opinion of the Senate in their regard.
In his letter, Al-Gebaly indicated that a copy of a draft law submitted by MP Ashraf Rashad Al-Sharif was attached to amending the provisions of Law 200 of 2020, establishing the Support Fund for Persons with Disabilities.
The Senate also began discussing the unified insurance bill submitted to enhance tools to protect customers, policyholders, and their beneficiaries; accelerate digital transformation; encourage the use of fintech; in addition to creating a safety net for society by expanding the scope of compulsory insurances, achieving insurance coverage, and facilitating the authority’s transition towards a risk-based control framework. It also works to create an attractive climate for local and foreign investment.
The draft law was organised into five articles of issuance other than the publication article, and 217 substantive articles. The issuance articles obligated those who were addressed by its provisions to reconcile their situations in accordance with its provisions within a year from the date of its implementation with the permission to extend this period to a maximum of three years by a decision issued by the Board of Directors of the Financial Supervisory Authority.
The report of the Financial and Economic Affairs Committee on the draft law stated that the Egyptian insurance sector consists of 41 entities represented by 29 insurance companies that practice commercial insurance, 10 companies that practice Takaful insurance, the Egyptian Association for Cooperative Insurance, and the Egyptian Export Guarantee Company, in addition to the African Reinsurance Takaful Company that are operating under the free zone system.
The report pointed out that the total collected premiums for insurance companies amounted to EGP 47.535bn, the total compensation paid to insurance companies’ clients amounted to EGP 23.429bn, and insurance companies’ net investments amounted to EGP 131.466bn.