Regulatory Alerts2014-01-01
Decision of the Board of Directors of the Authority No. (73) dated 9/7/2014 on the Rules Governing the Practice of Insurance Brokerage in the Arab Republic of Egypt
The General Authority for Financial Supervision issued Decision No. 73 of 2014 to repeal Decision No. 394 of 1997 and establish comprehensive governing rules for insurance brokerage activities in Egypt. The decision mandates that all natural and legal persons acting as insurance or reinsurance brokers must register with the Authority, satisfy strict eligibility criteria including educational qualifications, clean criminal records, and mandatory training, and maintain approved professional liability insurance. It further codifies broker obligations to insurance companies and clients, reinsurance broker duties, regulatory investigation procedures, and controls for electronic platforms and advertising.
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