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Africa, Middle East
Data Protection & Privacy
On 10 March 2023, the Financial Regulatory Authority (FRA) issued a decree (Decree) requiring insurance companies in Egypt to update their technology infrastructure, and to link their databases with the FRA’s database, in accordance with relevant requirements, within a six month period from the date of the issuance of the Decree.
The Decree is intended to facilitate the FRA’s desire to establish an industry-wide online platform which includes sensitive data, and to link such data with the FRA’s database in real time.
The FRA has specified that the data required from insurance companies, to be made available through the online platform, will include:
The Decree emphasises the importance of maintaining confidentiality of insurance holders and their relevant data. The Decree requires that all data must only be shared with the FRA and that the FRA will be the entity accountable for establishing the necessary controls to ensure the proper management of sensitive information once shared.
It remains to be seen how the Decree will interplay with the Data Protection Law recently implemented in Egypt.
In accordance with the Decree, insurance companies have been granted a grace period of six months to comply with the requirements above, which may be extended by an additional six months. The extension is subject to submission of justifications that are deemed acceptable by the FRA.
If you would like further information, or advice on the Decree’s requirements, please contact us.
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