Insurance Inspection & Surveillance

Inspection & Surveillance

The Insurance Supervision and Control Law issued by Law No. 10/1981 entrusts the Egyptian Insurance Supervisory Authority (EISA), replaced with FRA, with the supervision and control of individuals and entities engaging in insurance and reinsurance operations regardless of their form (commercial, mutual, or cooperative) or the type of insurance (commercial, Takaful, micro-insurance).

FRA performs its supervisory and regulatory role according to a risk-based supervision approach, which represents the general regulatory framework governing insurance and reinsurance firms.

FRA constantly strives to comply with the standards and principles issued by the International Association of Insurance Supervisors (IAIS), especially in applying the risk-based supervision.

FRA is also responsible for licensing and regulating professions working in the insurance sector. Some of these professions are practiced by individuals and others by companies.

Additionally, FRA supervises and regulates the private pension funds established by virtue of Law No. 54/1975 and its executive regulations.

These funds are supervised and regulated in accordance with the supervisory practices and principles issued by the International Organization of Pension Funds (IOPS).

FRA worked toward providing a full-fledged organizational structure for the Egyptian insurance market. In this respect, the policyholders and Beneficiaries Guarantee Fund at Insurance Companies was established as per PM Decree No. 2734/2018.

The fund is responsible for compensating policyholders and beneficiaries if the insurance company fails to meet its obligations.

 

Last modified: May 21, 2024

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