The Egypt Financial Regulatory Authority issued a decision establishing, for the first time, a comprehensive regime for licensing and registering representation offices of foreign insurance and reinsurance companies in Egypt. The framework restricts these offices to market study and public relations and communication activities as a liaison with the overseas head office, and prohibits them from carrying out any insurance or reinsurance activity directly or indirectly; existing offices have six months from the decision’s effective date to regularise their position. Licensing conditions include that the foreign company is supervised by an authority equivalent to the Egypt Financial Regulatory Authority in its home jurisdiction and provides a formal undertaking confirming the home authority’s approval to expand into Egypt. Applications must be submitted on the Authority’s form and include translated corporate constitutional documents, audited financial statements for the last two financial years, details of the Egypt office location, and information on the responsible manager, who must have at least five years’ insurance experience, alongside a report covering objectives, feasibility, strategy and business plan, organisational structure and staffing, and (if available) the company’s credit rating. The Authority will decide on complete applications within 30 days and may conduct an on-site inspection; licensed offices are entered into a dedicated register and must renew annually by applying two months before expiry with an annual activity report, notify the Authority within 10 days of key changes, and give at least two months’ notice before ceasing activity. The Authority can remove an office from the register at the company’s request, for breaches not remedied within 30 days of a warning, or for failure to renew registration on time.
Egypt Financial Regulatory Authority 2026-02-05
Egypt Financial Regulatory Authority introduces licensing and registration framework for foreign insurance and reinsurance representation offices
The Egypt Financial Regulatory Authority has introduced a licensing regime for foreign insurance and reinsurance offices, limiting activities to market study and liaison. Foreign companies must be supervised by an equivalent authority in their home jurisdiction and submit detailed applications, including corporate documents and a business plan. Licensed offices must renew annually, report key changes promptly, and may face removal for non-compliance.