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Member, Beacon International Group, Ltd.
The Egyptian Financial Supervisory Authority and the nation's central bank have loosened bancassurance rules to permit banks to have more tie-ups with insurers, reported Middle East Insurance Review.
Previously, a bank was allowed to tie up with one general insurer and one life insurer.
The new rules allow banks to form a bancassurance arrangement with one general insurer, one general takaful operator, one life insurer and one family takaful company.
Conventional insurers and takaful operators were not differentiated under the old rules.