Egypt, Tunisia sign insurance, reinsurance supervision MoUs

EGYPT AND TUNISIA PLAN to work together the strengthen their supervisory work on insurance and reinsurance following the signing of a memorandum of understanding (MoU) by both countries.

The MoU was signed by Egypt’s Financial Regulatory Authority (FRA) and Tunisia’s General Insurance Committee (CGA), a part of the Finance Ministry, and it focuses on cooperation and information exchange in the supervision of the insurance and reinsurance sector.

According to monitored reports, the MoU covers the framework and mechanisms for exchanging information between the regulators in the two countries, and the provision of technical assistance to achieve effective supervision of the insurance sector.

Mohamed Omran, chairman of the FRA, said that under the MoU, assistance will be provided for investment in the insurance markets in both countries, the exchange of statistical data and studies on a regular basis, reviewing opportunities for growth in the volume of operations and reinsurance activities between the two countries, training in the fields of insurance, actuarial science, takaful, and regulations governing the insurance and takaful markets.

Hafedh Gharbi, who heads the CGA, said that it was agreed that the MoU would be effective for a period of three years.

Morocco and Kenya

And in a separate development, the Moroccan Federation of Insurance and Reinsurance Companies (FMSAR) and the Association of Kenyan Insurers (AKI) signed an MoU on technical cooperation.

The MoU, signed on the sidelines of an insurance conference in Casablanca, recently, provides for the sharing of best practices between the two countries in the fields of life insurance and digitalisation. Morocco is counting on the online distribution channel to reach the most vulnerable groups to promote inclusion.