The Egyptian Financial Regulatory Authority (FRA) has adopted new rules regulating insurance and reinsurance brokerage, as part of the implementation of unified insurance law No. 155 of 2024. This reform aims to professionalize the sector, strengthen consumer protection, and align the market with international standards.
The decision requires brokers to register on the FRA’s electronic platform within 45 days, extends the validity of licenses to five years, and sets a minimum social capital of 5 million EGP (approximately 111,000 USD). Companies must also open two branches within three years, have a qualified board of directors, and report any cessation of brokerage activities within a week.
Additionally, the reform prohibits the combination of insurance and reinsurance brokerage activities without separate licenses, and requires increased digital compliance, including the creation of certified websites. Independent brokers can now operate through private offices under strict conditions.
This regulation is part of Egypt’s ambition to structure a more transparent and accessible insurance market, while stimulating the emergence of insurtech players.
