A delegation from CMA represented by the Directorate of Insurance Supervision is visiting the Egyptian Financial Supervisory Authority in the period from 7th to 11th of September, 2014 to recognize the Egyptian experience in regulating and managing insurance business operations, and the development of the Egyptian insurance industry, besides exchanging experiences in this field.
The visit will include an introduction to the mechanisms approved for implementing a risks-based supervision system in examining companies. This is applied by focusing on supervisory activities of high risk companies, introducing the method of early assessment of the insurance companies’ financial positions and of early determination of risks related to work systems. Moreover, the delegation will be introduced to the risks categories that cause breakdowns to insurance and reinsurance companies, and will go through reinsurance agreements issued for external use, and will study the reinsurance arrangements for new coverage.
More subjects related to approved methods in examining the market’s business will be presented to the delegation, like; mechanisms of subscription, pricing and paid and under-settlement remunerations, and regulations and rules regulating insurance brokers’ business, and also subjects related to analysis of investment portfolios of insurance companies and their risks.
Its worth to mention that the delegation includes Mrs. Safinaz Al Raisi, Director of Department of Requirements and Licensing (Insurance institutions), and Taiba Al Shamsi, Legal Researcher, Department of Requirements and Licensing (insurance institutions), and Ahmed Al Hinai, Specialist, Department of Compliance and Examination.