Regulatory Alerts2013-01-01
Decision No. 92 of 2013
The Financial Regulatory Authority issued Decision No. 92 of 2013 to amend the 1998 Egyptian Insurance Regulatory Authority guidelines regarding approved credit rating agencies for insurance and reinsurance firms. The decision mandates that only A.M. Best (B+), Standard & Poor’s (BBB), Fitch (BBB), and Moody’s (BBB) ratings will be accepted by the Authority. Additionally, it establishes a minimum USD 50 million shareholders' equity requirement for unrated foreign reinsurance companies, effective January 1, 2014.
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