Regulatory Alerts2021-01-01
Decision of the Board of Directors of the Financial Regulatory Authority No. 205 for 2021 Regarding Proportionality and Suitability Rules for Key Executive Positions in Insurance and Reinsurance Companies
The Financial Regulatory Authority's Board of Directors issued Decision No. 205 for 2021 to establish comprehensive proportionality and suitability rules governing the nomination, appointment, periodic assessment, and ongoing compliance of key executive positions in Egyptian insurance and reinsurance companies. The decision mandates strict criteria regarding honesty, integrity, conflict of interest, competence, and financial soundness, while requiring companies to implement robust reporting mechanisms, whistleblower protections, and internal control procedures. Insurance firms must align their policies with these standards and submit all relevant nominations, dismissals, and assessments to the Authority within a two-week window, achieving full compliance by 31 December 2022.