Regulatory Alerts2018-01-01
Decision No. 146 of 2018 of the General Authority for Financial Supervision Regarding Conditions for Registering Trainees in Insurance Brokerage Activities
The General Authority for Financial Supervision (GAFI) issued Decision No. 146 of 2018 to establish strict conditions for registering trainees in insurance and reinsurance brokerage activities in Egypt. The regulation mandates that trainees hold specific academic qualifications, maintain clean legal records, and complete a single one-year training period under a maximum of ten trainees per licensed supervisor. Insurance companies must formalize training contracts, submit trainee lists for official registration, cover identification card fees, and assume joint liability for trainees' professional acts and omissions during their supervised practice.
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