Regulatory Alerts2021-01-01
Financial Regulatory Authority Board of Directors Resolution No. (114) for the Year 2021
The Financial Regulatory Authority (FRA) issued Resolution No. 114 of 2021 to establish comprehensive regulatory requirements for insurance and reinsurance brokerage companies operating in Egypt. The resolution mandates that at least 25% of a company's capital be held by financial institutions, requires specific organizational structures with dedicated departments and qualified brokers, and sets strict governance rules for board composition, shareholder disclosure, and ownership transfers. Furthermore, it outlines licensing conditions, operational planning obligations for the first three years, and explicitly prohibits cross-employment between brokerage firms and insurance/reinsurance entities.
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