Egypt Financial Regulatory Authority discusses training partnership with the Chartered Insurance Institute and prudential supervision cooperation with the Bank of England

The Egypt Financial Regulatory Authority (FRA) reported that its chair, Mohamed Farid, held meetings in London with the Chartered Insurance Institute and with Sam Woods, Deputy Governor of the Bank of England for Prudential Regulation, to explore cooperation on training and qualification and to exchange expertise linked to market stability. The engagements formed part of the Egyptian official delegation’s “Egypt Day” activities at the London Stock Exchange and meetings organised by the Egyptian British Business Association. Potential cooperation with the Chartered Insurance Institute would be channelled through the FRA’s Financial Services Institute and cover professional certifications, short training courses and distance learning. Farid also pointed to a memorandum of understanding between the Financial Services Institute and Bayes Business School (University of London) to run a leadership programme for Egyptian insurance executives twice a year in London. In discussions with Woods, the FRA outlined its macroprudential and microprudential approach to supervising non-banking financial institutions, including monitoring systemic risk concentrations and market shocks, reviewing firms’ capital, liquidity and governance, and promoting stress testing and periodic risk disclosures. Farid additionally referenced the Unified Insurance Law No. 155 of 2024 and subsequent FRA decisions, including staged increases in insurers’ minimum issued and paid-up capital to EGP 400 million within one year of the decision’s entry into force and to EGP 600 million by the end of the second year, along with investment rules for insurers’ and reinsurers’ funds and mandatory timelines for financial reporting by companies and insurance pools.