The Egypt Financial Regulatory Authority issued new professional rules and standards for the registration and conduct of insurance and reinsurance brokerage, updating licensing, governance and operational requirements in line with Egypt’s Unified Insurance Law. The measures also introduce mandatory use of an electronic professionals platform and set clearer conditions for who can carry out reinsurance brokerage. Brokers and other insurance professionals covered by the Unified Insurance Law must register on the electronic platform within 45 days of the decision taking effect, with the possibility of an extension for reasons accepted by the Authority. Broker registration validity is extended to five years, renewable, with renewal procedures required at least three months before expiry. Insurers, reinsurers and brokerage firms must notify the Authority within one week of terminating any broker, and remain responsible for the broker’s breaches until the Authority is notified. Brokerage companies must meet a minimum issued and paid-up capital of EGP 5 million, have at least two board members with insurance or brokerage expertise (one executive and one independent), and comply with fit and proper criteria, while foreign financial institutions founding an Egyptian brokerage must obtain home-supervisor approval to operate in Egypt and apply consolidated supervision. Firms must open at least two branches within three years of starting activity, each managed by a registered broker; reinsurance brokerage is limited to legal persons established for that purpose, with a prohibition on combining insurance and reinsurance brokerage without the relevant licence and registration. Freelance insurance brokers are permitted for the first time to operate through a dedicated office subject to prior Authority approval, with the Authority to decide within 10 days of receiving complete documentation; existing brokers operating via offices have one year from the decision’s effective date to align with the new requirements. Freelance brokers must keep records of policies, commissions, claims and cancellations in paper or electronic form.
Egypt Financial Regulatory Authority 2025-06-18
Egypt Financial Regulatory Authority tightens insurance and reinsurance brokerage rules with mandatory e-registration and new capital and governance requirements
The Egypt Financial Regulatory Authority updated rules for insurance and reinsurance brokerage under the Unified Insurance Law, covering licensing, governance, and operational standards. Key measures mandate an electronic platform for registration, extend broker registration validity to five years, and set capital and governance requirements for brokerage firms. Freelance brokers are now permitted, subject to Authority approval, with specific record-keeping obligations.