The Egypt Financial Regulatory Authority (FRA) issued a board decision approving the revised statute of the Federation of Egyptian Insurance Companies, implementing the Unified Insurance Law No. 155 of 2024. The statute was adopted by the federation’s general assembly on 18 May 2025 and was cleared by the FRA as consistent with the law. The approved statute updates the federation’s organisational structure, membership provisions and joining procedures, and the rules for candidacy to the board. The board is set to comprise a chair, a deputy chair and 11 members serving a four-year term renewable once, and it requires the presence of two women drawn from the chairs, deputy chairs or managing directors of member companies. Candidacy conditions include good repute, no criminal convictions, legal capacity, no disciplinary dismissal or professional de-registration for integrity-related matters unless at least three years have elapsed, at least 10 years of insurance experience, and prior leadership experience; the statute also sets procedures for nomination, appeals, vote counting and convening the general assembly. On funding, it expands and diversifies the federation’s resources to include surpluses from conferences and events, proceeds from penalties imposed on members, and revenues the FRA decides to collect for the federation. The statute also aligns the status of the Egyptian Insurance Institute by renaming it the Institute for Training and Qualification for the Insurance Sector and designating it as the competent body for sector training under the Unified Insurance Law. The FRA decision establishing the centre and its statute is to be published in the Official Gazette and on the websites of the centre, the federation and the FRA, after which it will have independent legal personality as a private-law entity and be registered in the FRA’s register of auxiliary bodies.
Egypt Financial Regulatory Authority 2025-06-22
Egypt Financial Regulatory Authority approves revised statute for the Federation of Egyptian Insurance Companies under the Unified Insurance Law
The Egypt Financial Regulatory Authority approved the revised statute of the Federation of Egyptian Insurance Companies, aligning it with the Unified Insurance Law No. 155 of 2024. Updates include changes to the federation's structure, membership provisions, board candidacy rules, and expanded funding sources. The Egyptian Insurance Institute is renamed the Institute for Training and Qualification for the Insurance Sector, designated as the sector's training body under the new law.