FRA issues decree to establish repository for mandatory motor insurance

CAIRO - 25 February 2019: Chairman of the Financial Regulatory Authority (FRA) Mohamed Omran has issued a decree under which a repository should be established to be alone in charge of mandatory vehicle insurance.

It is an important step that was late for more than 10 years, said Omran in an FRA statement Monday, adding it would help solve problems related to expensive management and forged documents of some insurance companies.

Once activated, the repository for mandatory motor insurance will be tasked with the issuance of documents and settlement of compensations using digital technology, Omran noted.

This would guarantee quick and perfect service to clients, he said.