The Egypt Financial Regulatory Authority said its chairman met insurance companies operating in Egypt to examine possible updates to the framework for approving insurance products and reviewing policy terms and templates across all insurance branches. The stated aim is to facilitate and accelerate the approval of new products under the Unified Insurance Law No. 155 of 2024, while supporting wider insurance penetration and broader coverage. The discussion covered insurers’ comments on studies prepared by the authority on ways to speed approval of new insurance products while balancing compliance with the law and incentives for companies. The authority linked that work to full adherence to governance, sound management, disclosure and transparency requirements. The chairman also called on companies to introduce more innovative products more quickly and to broaden the customer segments they target in response to changing demand. The authority also highlighted Article 209 of the Unified Insurance Law, which requires insurers to notify it of policy terms, policy templates and any amendments for all insurance branches, and bars their use until approval is granted. For personal insurance and fund accumulation business, companies must also submit pricing, the actuarial report and technical bases for review. If the authority does not respond within 30 days after notification and receipt of all required documents, the filing is deemed approved.
Egypt Financial Regulatory Authority2026-07-02
Egypt Financial Regulatory Authority reviews insurance product approval framework to speed new product launches
The Egypt Financial Regulatory Authority is examining changes to the insurance product approval framework after meeting insurers in Egypt. The focus is on speeding approval of new products under the Unified Insurance Law while maintaining governance, disclosure and transparency requirements. Under the law, filings are deemed approved if the authority does not respond within 30 days after a complete submission.