Egypt’s Financial Regulatory Authority issued a board decision regulating the Committee for the Protection of Stakeholders and Settlement of Insurance Disputes, setting its mandate, procedures and timelines for deciding and enforcing outcomes. The decision replaces the previous framework for the committee and applies from the day after publication in the Official Gazette. The committee is empowered to consider and decide disputes between policyholders, beneficiaries, third parties or registered insurance professionals and insurance undertakings operating in Egypt, including insurers and reinsurers (commercial and takaful), specialised medical insurance companies, microinsurance and insurance pools. A reasoned decision must be issued within 30 days of completion of the required data and documents, and parties must implement the decision within 30 days from the date it becomes enforceable, with an extension possible subject to the FRA chair’s approval. The decision also establishes a technical secretariat to receive and process applications, maintain an electronic register, prepare agendas and minutes, compile precedents and statistics, and liaise with parties, with the option to seek technical input from relevant FRA departments. Fees are tiered by dispute value at EGP 5,000 for disputes up to EGP 1 million, EGP 10,000 for disputes above EGP 1 million up to EGP 5 million, and EGP 20,000 for disputes above EGP 5 million; parties may also agree an amicable settlement recorded in signed minutes. Conflict-of-interest restrictions bar participation where members or relatives up to the fourth degree have an interest or are in dispute with a party, and confidentiality obligations apply to committee members, the secretariat and appointed experts. The FRA also referenced an earlier decision requiring insurers to implement internal complaint-handling systems and submit periodic reporting on complaint drivers and corrective actions, with escalation from the firm to the FRA and then to the committee once required information is complete and the applicable committee fee is paid.
Egypt Financial Regulatory Authority 2025-11-20
Egypt Financial Regulatory Authority sets new operating rules for insurance dispute settlement committee with 30-day decision deadline
Egypt's Financial Regulatory Authority established the Committee for the Protection of Stakeholders and Settlement of Insurance Disputes, detailing its mandate, procedures, and timelines. This replaces the previous framework and applies to disputes involving policyholders, beneficiaries, and insurance professionals in Egypt. It introduces a technical secretariat and sets tiered fees based on dispute value, with conflict-of-interest and confidentiality provisions for committee members.