The Financial Regulatory Authority (FRA) has issued a Decision setting out professional rules and standards governing the registration and practice of insurance and reinsurance brokerage activities.
This step aims to enhance discipline and transparency within the Egyptian insurance market, reported Al Mal News. The new rules are issued to support the implementation of the Unified Insurance Law passed in 2024.
Under the new resolution, the registration of natural and legal persons in the insurance brokers' register will be for five years, renewable. Brokers are required to renew their registration at least three months before the expiration date of their licence.
The Decision also requires insurance brokers to be registered on the electronic platform for professionals.
Broking companies must open two branches within three years, have a qualified board of directors, and report any cessation of brokerage activities within a week. Their minimum capital is EGP5m ($98,600).
Additionally, the new rules prohibit undertaking insurance and reinsurance brokerage activities without separate licences, and require increased digital compliance, including the creation of certified websites. Independent brokers can now operate through private offices under strict conditions.