Regulatory Alerts2021-01-01
Circular Letter No. 16 of 2021 Regarding General Assemblies of Insurance Companies Approving Financial Statements for the Fiscal Year Ending June 30, 2021
The Financial Regulatory Authority (FRA) issued Circular Letter No. 16 of 2021 to mandate Egyptian insurance and reinsurance companies to comply with specific financial reporting, actuarial, and governance requirements ahead of their 2021 general assemblies. The circular requires companies to exclude certain retained profits from distributable net profits, maintain the EAS 47 financial instruments risk reserve, and submit audited financial statements, actuarial reports, Sharia supervisory board opinions (for Takaful), and investment policy updates to the FRA within stipulated timelines prior to assembly meetings. Furthermore, it mandates timely notification of meeting schedules and agendas, ensuring all submitted documents are certified, electronically or physically filed, and fully aligned with the Insurance Supervision Law and its Executive Regulations.