Egypt: New insurance law stipulates minimum capital for actuarial firms

Source: Middle East Insurance Review | Sep 2024

The Unified Insurance Law, enacted earlier this month, allows the Financial Regulatory Authority (FRA) to license actuarial companies.

Under the law, actuarial companies must be registered with the authority. The minimum issued and fully paid-up capital of an actuarial company is EGP3m ($62,160) or any amount determined by the FRA’s board of directors.

The law stipulates that to establish an actuarial company, those involved must apply to the authority to register and license the company to practise its activity, accompanied by a feasibility study, the company’s articles of association, its bylaws and the commercial registration.

It also requires the company’s top executive management personnel to be among those listed on the authority’s register of actuarial experts.

The registration fee for an actuarial company is a maximum of EGP50,000. M

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