The Egypt Financial Regulatory Authority has issued rules for the registration and practice of insurance risk assessment, inspection and damage estimation experts, covering both firms and individual practitioners as part of the implementing framework for the Unified Insurance Law 155 of 2024. The measure creates a dedicated register for companies and individuals, requires registration and renewal through the authority's electronic professionals platform, and sets professional, governance and conduct standards for a function used by insurers in underwriting and claims handling. Companies must operate as Egyptian joint stock companies, limit their purpose to this activity, have issued and fully paid capital of at least EGP 3 million at incorporation, and appoint boards with relevant specialist expertise. Individual experts must be entered in a separate FRA register and renew their registration every five years, meet fit and proper criteria including no final convictions for felonies, misdemeanours or crimes against honour or trust related to companies and non-bank financial activities, and no bankruptcy unless rehabilitated during the previous five years, and pass an FRA approved professional examination and training programmes. Practitioners must also carry professional liability insurance, comply with integrity, neutrality, independence and conflict of interest requirements, and keep documented support for the information used in their technical reports. The FRA may impose administrative measures ranging from a warning to removal from the register in cases including fraud, gross error or misstatement of material information. Experts already registered with the FRA have six months to regularise their position and update their data.
Egypt Financial Regulatory Authority 2026-05-02
Egypt Financial Regulatory Authority sets registration and conduct rules for risk assessment and damage estimation experts with EGP 3 million capital floor for firms
The Egypt Financial Regulatory Authority has issued rules for registering and regulating insurance risk assessment, inspection and damage estimation experts, creating registers for firms and individuals and setting professional, governance and conduct standards under Unified Insurance Law 155 of 2024. Requirements include Egyptian joint stock company status with minimum paid-in capital of EGP 3 million for firms, fit and proper criteria, examinations and training for individuals, professional liability insurance, and strict integrity, independence and documentation obligations, with sanctions up to removal from the register for serious breaches.