Regulatory Alerts2015-01-01
Decision No. (10) of 2015 of the Authority's Board of Directors (Updated Version in 2020)
The Financial Regulatory Authority of Egypt issued Decision No. 10 of 2015 (updated in 2020) to establish a specialized committee chaired by a State Council Deputy President for reviewing insurance broker appeals and resolving brokerage-related disputes. The regulation mandates a 15-day filing window for administrative appeals, requires dispute resolution requests to include specific documentation and a fee ranging from 5,000 to 15,000 Egyptian pounds, and sets strict procedural timelines for hearings, evidence submission, and final rulings within two to three months. It further stipulates that committee decisions are final upon notification, outlines fee refund procedures with a 10% administrative deduction, and assigns enforcement responsibilities to the Authority's relevant administrative departments.