The Financial Regulatory Authority’s (FRA) Board of Directors is expected to sign off on the amendments made to the Insurance Act by end-April, according to FRA Deputy Head. The committee drafting the bill is set to meet this week to finalise the bill before passing it over to the Board and then putting it up for national dialogue. The process would then require the Investment Ministry and the Ismail Cabinet to revise the bill before handing it over to the House of Representatives to issue it in the scheduled time of 2H18. The Insurance Act is expected to give the FRA regulatory control over the sector, in addition to providing incentives for insurance companies to cover SMEs, once it comes into effect, allowing it to govern everything from the establishing and licensing of companies to setting industry standards and practices.