The Egypt Financial Regulatory Authority issued an interpretive circular clarifying how the three-month extension for insurance and reinsurance companies to comply with the 2025 governance rules applies. Board composition and board committee formation requirements will apply from each company’s next board election, while companies must meet all other governance requirements by January 22, 2027, rather than October 22, 2026. The election-based transition covers board composition rules and related provisions, independent director selection criteria, and requirements for forming board committees. Operational requirements governing committee meetings, minutes, reporting and responsibilities remain applicable once the committees are formed. All other governance provisions remain subject to the January 22 deadline, including amendments to a company’s articles of association where needed for compliance.
Egypt Financial Regulatory Authority clarifies January 22, 2027 insurance governance deadline and board transition rules
The Egypt Financial Regulatory Authority clarified the extended transition period for insurance and reinsurance governance rules. Board composition and committee formation requirements will apply from each company’s next board election, while all other requirements must be met by January 22, 2027. Operational rules for committees remain applicable once they are formed.