Regulatory Alerts2018-01-01
Decision of the Chairman of the Authority No. (24) of 2018 Regarding Reducing the Duration for Completing Registration Procedures in the Insurance Brokers Register of the Authority
The Financial Regulatory Authority (FRA) of Egypt issued Decision No. (24) of 2018 to streamline insurance broker registration procedures and accelerate licensing timelines. The mandate requires the Central Administration for Market Services to forward complete broker registration applications to the licensing administration on the same day of receipt, while competent departments must finalize all registration records within five days of submission. Furthermore, the licensing administration must formally notify brokers or requesting entities of the registration decision within two working days of completing the process, thereby reducing administrative delays and aligning with the Authority's regulatory simplification objectives.
Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY
Chairman of the Authority
Decision of the Chairman of the Authority No. (24) of 2018
Dated 5/4/2018
Regarding Reducing the Duration for Completing Registration Procedures in the Insurance Brokers Register of the Authority
Chairman of the Board of Directors of the Financial Regulatory Authority
Having reviewed the Law on Supervision and Oversight of Insurance in Egypt issued by Law No. (10) of 1981 and its Executive Regulations;
And the Law on Regulating Oversight of Non-Banking Financial Markets and Instruments issued by Law No. (10) of 2009;
And Presidential Decision No. (192) of 2009 issuing the Basic Statute of the Financial Regulatory Authority;
And Board of Directors Decision No. (23) of 2014 regarding the Rules Governing the Practice of Insurance Brokerage Activity within the Arab Republic of Egypt and its amendments;
And in light of the Authority's direction to simplify registration and licensing procedures for its counterparties in accordance with the provisions of the governing laws, particularly the procedures for registering trainees in the field of insurance brokerage in the insurance brokers register and reducing the period to obtain a license to practice the profession concurrently, safeguarding the interests of the Authority's counterparties;
Has Decided
(Article One)
The Central Administration for Market Services shall deliver to the Central Administration for Licensing and Registration of Professionals the applications for registering insurance brokers, complete with all prescribed documents, on the same day of their receipt.
The competent departments of the Authority are committed to completing all registration procedures in the insurance brokers register within a maximum of five days from the date of submission of the registration request complete with the documents required for this purpose.
The Central Administration for Licensing and Registration of Professionals shall notify the broker or the entity requesting registration of the Authority's decision on registration within two working days from the completion of the registration procedures referred to in the preceding paragraph.
(Article Two)
This Decision shall be published on the Authority's website and announced from the date of its issuance, and the competent departments are tasked with its implementation.
Chairman of the Board of Directors
Dr. Mohamed Omran
Smart Village, Building no. B-136, Giza
Postal Code: 12577
Tel.: (00202) 35345350 - Fax.: (00202) 35370036
www.FRA.gov.eg
Smart Village, Building No. 136, B. Giza, Egypt
Postal Code: 12577
Tel.: +202 35345350 - Fax: +202 35370036
info@fra.gov.eg