El-Sisi ratifies Unified Insurance Law
Updated 7/16/2024 7:49:00 AM
Arab Finance: President Abdel Fattah El-Sisi has endorsed Law No. 155 of 2024 to issue the Unified Insurance Law, according to the Official Gazette.
The provisions of the law and its attachment apply to insurance and reinsurance activities, along with related insurance services, professions, and activities.
Under the law, the jurisdiction to establish, license, supervise, and control entities engaged in insurance and reinsurance activities, as well as their related insurance services, professions, and activities, shall be exclusively held by the Financial Regulatory Authority (FRA).
Also, the law stipulates that insurance and reinsurance companies shall have a minimum issued and paid-up capital of EGP 250 million or its equivalent in foreign currency.
However, insurance and reinsurance companies engaged in oil, aviation, or energy activities shall increase their issued and paid-up capital by EGP 50 million.
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