The Financial Regulatory Authority (FRA) has issued a decision regarding the appointment of auditors by insurance and reinsurance brokers as well as experts in risk assessment, damage inspection and estimation, and insurance consulting.
The FRA’s move expands the range of options available to these insurance entities in choosing their auditors.
The decision, published in the Egyptian Gazette on 14 September, stipulates that the auditors appointed by these entities must be registered in Section One or Branch (A) or (B) of Section Two of the Register of Auditors at the FRA. It rescinds the requirement that the auditors be registered only in the first section of the Register.
The decision is aligned with the provisions of the Unified Insurance Law issued in 2024.
Dr Islam Azzam, FRA Chairman, said the resolution was made in response to market circumstances and changes, taking into account the financial costs insurance entities bear.