Regulatory Alerts2015-01-01
Board of Directors Decision No. (53) of 2015
The Financial Regulatory Authority (FRA) of Egypt issued Board Decision No. 53 of 2015 to amend its insurance brokerage regulations by introducing Article 15 bis. This amendment permits insurance and reinsurance brokerage firms to appoint certified consulting insurance experts as their Person Responsible for Actual Management or Managing Director, provided they meet strict registration, experience, and conflict-of-interest requirements. The decision mandates that these appointed experts remain subject to the same regulatory controls and obligations as previously stipulated, and it takes effect the day after publication in the Egyptian Gazette and on the FRA website.
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