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This Translation of Law No. 155 of 2024 offers an English version of the Unified Insurance Law for use by non-Arabic speakers. It sets out a comprehensive legal framework governing insurance, reinsurance, and related professions and activities, and replaces several earlier scattered pieces of legislation with a single unified statute. By presenting an accurate and practical Translation of the Unified Insurance Law, this work aims to help non-Arabic speakers understand the scope, structure, and core concepts of Law No. 155 of 2024.
The Translation of Law No. 155 of 2024 covers the promulgation provisions and the general rules that apply to all types of insurance and reinsurance activities in Egypt, including personal insurance, property and liability insurance, specialized medical insurance, microinsurance, and Takaful insurance. It also explains the powers of the Financial Regulatory Authority in licensing, supervising, and regulating market participants, as well as the basic legal principles governing insurance contracts, such as insurable interest, policy conditions, limitation periods, and the insurer's liability. Through this English version of the Unified Insurance Law, readers can follow how the statute is structured into parts, chapters, and articles that address both general and special rules for different lines of business.
A key focus of Law No. 155 of 2024 is the protection of policyholders and beneficiaries, particularly in areas such as life insurance, capital formation operations, and compulsory insurance, including insurance against civil liability arising from motor vehicle accidents. The Translation of the Unified Insurance Law highlights provisions on non-discrimination between policyholders, rules on surrender and reduction of policies, treatment of suicide and age misstatement in life insurance, and the mechanisms for claims settlement and subrogation. The English version of the Unified Insurance Law also sheds light on the organization of sectoral entities such as insurance pools, government insurance funds, and private insurance funds, clarifying their roles and responsibilities within the market.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
