Egypt: Insurance broking licence granted amidst moratorium
Source: Middle East Insurance Review | Oct 2020
The Financial Regulatory Authority (FRA) has granted Enzo Insurance Brokerage a licence to operate in the Egyptian market.
The granting of the approval seems to be at odds with the FRA’s announcement in June that it would suspend the issuance of insurance brokerage or reinsurance brokerage licences for a period of one year, reported Amwal Alghad.
Informed sources explained that the suspension stops companies from submitting new applications to obtain a broking licence, but companies that have already applied to the authority for a licence, before the suspension was announced, are allowed to complete their application procedures.
The sources said that Enzo had obtained at the end of last year the initial approval to operate, which allowed it to complete the incorporation procedures and apply for the final licence without prejudice to the decision to suspend the issuance of licences for new brokerage firms.
With Enzo obtaining a licence, the total number of insurance and reinsurance brokerage companies that have a licence is 102. M