The Financial Regulatory Authority (FRA) has introduced new amendments to the Insurance Act that would open the door for the establishment of micro-sized insurance companies, FRA deputy head Reda Abdel Moty told Al Mal. The amendments would allow these companies to offer both life and property insurance under one body, rather than having to establish separate entities specialised in each type of insurance, as is the case for larger insurance players. These companies would also have lower minimum capital requirements. Once it comes into effect, the Insurance Act would also contain separate provisions that would grant incentives to insurance companies to cover SMEs. The FRA expects to finalise its review of the bill in the coming days ahead of putting it up for national dialogue. The authority’s Board should sign off on the bill by the end of the month. According to Abdel Moty, the Cabinet would then revise the draft law before handing it over to the Parliament to be issued sometime in the second half of this year.