Egypt - The Financial Regulatory Authority (FRA) has issued new regulations requiring insurance companies to regularize their operations in line with the recently implemented Unified Insurance Law, as per a statement.

This directive covers a wide range of entities within the insurance industry, including insurance and reinsurance companies, brokers, insurance consultants, damage estimation experts, and healthcare program management firms.

These companies must amend their articles of association and operational frameworks to comply with the updated law by December 1st.

Under Decision No. 223 of 2024, the FRA requires all covered companies to align with the Unified Insurance Law, enacted on July 11th.

This legislative update, seen as a critical step toward streamlining and modernizing the industry, consolidates previous regulations into a single unified framework.

Compliance will necessitate that companies convene extraordinary general assembly meetings to approve statutory amendments and submit meeting records to the relevant administrative authority for ratification and documentation within the commercial register.

In line with the compliance push, medical insurance and healthcare program management companies are obligated to submit applications for temporary licenses to continue operations until their formal status adjustments are complete.

Temporary licenses will be deemed invalid if companies fail to meet the regularization requirements within the stipulated timeframe.

The FRA has further outlined that companies must provide documentation evidencing their compliance steps within one week of obtaining formal approvals.

Extensions may be granted if companies present substantial justifications for any delays in their compliance processes.

Meanwhile, standard requirements remain in place for ongoing approvals from both ordinary and extraordinary board meetings on any revisions to company structure or governance until the December deadline.

The Unified Insurance Law marks the first comprehensive legislation to consolidate previous frameworks governing the insurance sector, reflecting an industry-wide effort to increase efficiency, transparency, and market competitiveness.

The authority is currently facilitating community dialogues with stakeholders across the insurance industry to shape the effective implementation of the law’s executive regulations, ensuring that all decisions contribute constructively to the market, the companies operating within it, and policyholders alike.

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