Latest news with #FRA-administered
Daily News Egypt
19 hours ago
- Business
- Daily News Egypt
FRA issues temporary licensing conditions for medical insurance, healthcare programme firms
The Financial Regulatory Authority (FRA), under the leadership of Mohamed Farid, has issued Decision No. 90 of 2025, introducing a temporary licensing framework for specialist medical insurance companies and healthcare programme management firms. This initiative is intended to facilitate continued operations by these entities while they align with the provisions of the Unified Insurance Law No. 155 of 2024. According to a statement by the FRA, the new measures aim to support existing service providers within a defined regulatory framework, ensuring continuity while mandating a structured path toward full compliance. Firms newly entering the market must apply directly for permanent licensing under the same law. Under the decision, companies must submit an application for temporary licensing, committing to a detailed plan for achieving full regulatory alignment. If firms fail to meet the requirements within the designated timeframe, their temporary status will be revoked. A grace period for compliance has been granted through FRA Decision No. 102 of 2025, extending the deadline to 11 July 2026. The licensing conditions were developed following multiple rounds of stakeholder consultation, with the FRA emphasizing the importance of practical implementation and alignment with market dynamics. To qualify for a temporary licence, companies must be established as joint-stock entities with fully paid-up capital and shareholder equity at least equal to the paid-in capital. Specialist medical insurance firms are required to have a minimum capital of EGP 10m at the time of application. Additionally, these firms must demonstrate a portfolio of long-term insurance contracts valued at no less than EGP 100m, with contracts in place dating back at least three years before the law's enactment. Applicants must also demonstrate adequate operational infrastructure and up-to-date IT systems appropriate for their business activities. A qualified administrative team is mandatory. For medical insurance firms, this includes a managing director, an underwriting officer, and a claims officer. Healthcare programme administrators must appoint a managing director, a claims officer, and a medical approvals officer. These individuals are subject to FRA-administered competency evaluations. Auditors must be selected from the FRA's approved registry—Section I for insurance companies, and either Section I or II(A) for healthcare administrators. In addition, companies are required to submit a comprehensive compliance plan detailing the timeline and strategy for capital increases in accordance with FRA Decision No. 196 of 2024. No profit distribution to shareholders is permitted until capital requirements are fulfilled, unless explicitly authorised by the FRA. The application process also requires a full set of supporting documents, including an updated company statute, a recent extract from the commercial registry, a valid tax identification number, and legal proof of no prior bankruptcy rulings. Firms must also disclose their shareholder structure and provide board member declarations confirming the absence of criminal or bankruptcy history. Audited financial statements—either annual or quarterly—must be included, and the FRA reserves the right to request additional documentation as needed. Through this decision, the FRA seeks to maintain market integrity while ensuring that firms transition smoothly into compliance with the new insurance framework.
Yahoo
20-02-2025
- Business
- Yahoo
Trump directs DOT Secretary to review $4 billion commitment to California high-speed rail
Feb. 20 (UPI) -- At the behest of President Donald Trump, Secretary of Transportation Sean P. Duffy Thursday ordered a Federal Railroad Administration review of California's high-speed rail project, questioning a $4 billion commitment to the project. "President Trump is right that this project is in dire need of an investigation," Duffy said in statement. "That is why I am directing my staff to review and determine whether the CHSRA has followed through on the commitments it made to receive billions of dollars in federal funding." The Department of Transportation said in a statement that the entire San Francisco to Los Angeles high-speed rail project was initially supposed to cost $33 billion and be finished in 2020. But the DOT claimed just the Merced to Bakersfield segment would cost more than the original total and the latest total project cost estimate is $106 billion. Duffy said the $4 billion from the DOT could be pulled from California's high rail project and used on other infrastructure projects instead. The DOT said California's High-Speed Rail Office of the Inspector General found the Merced to Bakersfield section "has a funding gap of at least $6.5 billion." The DOT said the gap exists "despite California being due to receive over $4 billion from the Biden administration." DOT investments in infrastructure projects are national investments using congressional-approved funds for infrastructure. The money comes from U.S. taxpayer funds appropriated by Congress, not from the Biden administration. The DOT said the FRA will review California's high-speed rail project examining "compliance under the FRA-administered grant agreements to determine whether CHSRA has fully met its obligations under the award terms."
