The Financial Regulatory Authority (FRRA) is currently working on issuing all the necessary executive decisions and regulations to activate the Unified Insurance Law, in coordination with various parties in the insurance industry, according to the chairman of the regulatory agency, Mr Mohamed Farid.
He said that the Law enhances the capabilities and competitiveness of the insurance sector in Egypt and expands insurance coverage.
He also stressed the need to issue a package of decisions to develop provisions for adopting Egyptian accounting standards in line with the best international standards.
Mr Farid made the comments on the sidelines of a meeting with Prime Minister Mostafa Madbouly, during which they reviewed the work of the FRA, reported Amwal Alghad.
President Abdel Fattah El Sisi ratified the Unified Insurance Law in July 2024. The Law grants insurance companies operating in Egypt a one-year grace period to adjust their operations to comply with the new legislation. The FRA has the authority has the right to extend this grace period up to a maximum of three years from the date of the new law’s entry into force.