The Financial Regulatory Authority (FRA) is extending the grace period for insurers to adhere to the Unified Insurance Law by a year, starting on 11 July.
This move aims to give insurance companies additional time to complete establishment and licensing procedures and operate in accordance with the new regulations.
Under the latest decision, the FRA requires insurers to submit a timeline, detailing the steps taken or planned to achieve full compliance with the provisions of the law and regulatory decisions.
Among various requirements, the FRA stipulates that insurers must take the form of an Egyptian joint-stock company whose purpose is limited to engaging in insurance or reinsurance activities. The issued and paid-up capital of the insurer must not be less than the minimum set by the Authority for each branch of activity.
Meanwhile, the FRA has been issuing a slew of regulations, new and amended, to support the implementation of the Unified Insurance Law that was enacted last year.