Regulatory Alerts2015-01-01
Board Resolution No. 66 of 2015 on Rules Governing Insurance or Reinsurance Companies' Dealings with Foreign Insurance Brokers
The Egyptian Financial Supervisory Authority (EFSA) issued Board Resolution No. 66 of 2015 to establish mandatory compliance rules for insurance and reinsurance companies engaging with non-resident foreign insurance brokers. The resolution requires that such brokers hold valid licenses from competent foreign regulatory authorities and that all engagements be formalized through written contracts explicitly defining the rights and obligations of both parties. Additionally, companies must retain copies of these contracts and licenses, promptly report any broker violations to the EFSA, and ensure the resolution takes effect the day after its publication in the Egyptian Gazette.
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