The Financial Regulatory Authority (FRA) has extended the deadline granted to companies operating in the actuarial, insurance and reinsurance brokerage, inspection and damage assessment, and insurance consulting segments an additional six months to increase their capital.
The new deadline for these entities to meet the new minimum capital requirement is now 30 June 2026, according to a decision made by the FRA.
The regulator also directed the companies to prepare a timetable outlining the porposed stages of their capital increases and to submit it to the Authority. The FRA said that the companies are prohibited from distributing any cash dividends to shareholders before meeting the minimum capital requirements, except after obtaining explicit approval from the Authority.
New minimum capital
The decision sets the minimum capital at EGP5m ($106,160) for insurance and reinsurance brokerage companies, and EGP3m for companies specialising in risk assessment, inspection, loss estimation, insurance consulting, and actuarial services.
The FRA said the extension aims to give companies more time to meet the minimum capital requirements, strengthening their financial positions and ensuring stability in the sector.