Complaints Against Insurers, Private Funds Rose To 733 In 2011: EFSA
Published Thursday, 16 August 2012 13:08 | Written by Sherine Taha
The annual report issued by the Egyptian Financial Supervisory Authority (EFSA) showed an increase in the number of complaints submitted to EFSA from 729 complaints to 737 complaints in 2011. 557 complaints were against insurance companies and 119 of which were concluded in favor of the customer. The supplemental insurance sector accounted for 266 of the complaints and compulsory insurance sector accounted for 114 of the complaints. 180 complaints were submitted against private insurance funds and 74 of which were concluded in favor of the customer.
EFSA warned an insurance company for violating the provisions of articles no. 38 and 39 of law no. 10 of 1982 and obligated the company to meet the equity of the insurance policyholders.
A number of insurance companies were also warned for non-compliance with the provisions of article no. 74 of law no. 10 of 1981 and were obligated to commit to the law within three months.
Two insurance companies were warned for non-compliance with the provisions of the Insurance Supervision & Control law in Egypt.