Egyptian FRA Raises Microfinance Insurance Age From 60 to 65

The Financial Regulatory Authority has raised the maximum age for microfinance insurance coverage to 65 under an updated standard group insurance model for micro-project funding recipients.

The change was introduced through Decision No. 27 of 2026, issued by Chairperson Mohamed Farid, and updates provisions relating to life insurance and permanent total disability cover. The decision replaces Decision No. 16 of 2019 and grants insurers and financing entities a six-month period to comply with the revised framework.

Under the updated model, insurance coverage begins on the date specified in the data submitted to the insurer and ends at the close of the funding term. By agreement between the insurer and the financing body, coverage may also be extended to individuals over the age of 65.

The policy covers death from any cause as well as permanent total disability. Disability is defined as an incurable condition lasting six consecutive months that completely prevents the insured from working. This includes total loss of sight in both eyes, complete paralysis of the arms or legs, or amputation.

Insurers are required to disburse claims to the contractor or the insured within five working days of receiving all necessary documentation. Premiums are calculated on outstanding funding amounts, excluding administrative fees, stamps and policyholder fund subscriptions.

Exclusions apply to risks arising from crimes committed by the beneficiary, injuries resulting from nuclear radiation, and cases of AIDS existing prior to the start date of the insurance policy. Financing entities must pay premiums within 30 days of the due date, with coverage subject to cancellation in cases of non-payment.

Required documentation for claims includes a copy of the national ID, an original death certificate or certified medical report confirming disability, and an account statement detailing the insured’s outstanding debt balance.