Board of Directors Decision No. (82) of 2020

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Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY

Chairman of the Authority

Board of Directors Decision No. (82) of 2020 dated 2020/6/3

Regarding the suspension of granting new licenses to insurance brokerage companies and reinsurance brokerage companies

Board of Directors of the Financial Regulatory Authority

Having reviewed the Law on Supervision and Regulation of Insurance in Egypt issued by Law No. (10) of 1981 and its Executive Regulations;

and on Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments;

and on the memorandum prepared by the Central Administration for Insurance Supervision and Regulation dated 2020/5/7;

and after approval by the Authority's Board of Directors in its meeting held on 2020/6/3.

DECIDED

(Article One)

The granting of new licenses to insurance brokerage companies and reinsurance brokerage companies is suspended for one year, and the Authority's competent departments are tasked with preparing a study regarding the controls and conditions for the operation of such companies, with the aim of developing them and expanding their activities.

(Article Two)

This Decision shall be published in the Egyptian Gazette and on the Authority's website, and shall take effect from the day following its publication in the Egyptian Gazette.

Chairman of the Board of Directors of the Authority (Signature) Dr. Mohamed Omran

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