The Insurance Supervision and Control Law, issued by Law No.
10 of 1981, entrusts the Egyptian Insurance Supervisory Authority (EISA),
replaced with FRA, with supervising and controlling 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, representing the general regulatory
framework governing insurance and reinsurance firms.
FRA constantly strives to comply with the International
Association of Insurance Supervisors (IAIS) standards and principles,
especially in applying risk-based supervision.
FRA is also responsible for licensing and regulating
insurance sector professionals. Individuals and other companies practice some
of these professions.
Additionally, the FRA supervises and regulates the private
pension funds established under Law No. 54 of 1975 and its executive
regulations.
These funds are supervised and regulated per 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 of 2018.
The fund compensates policyholders and beneficiaries if the
insurance company fails to meet its obligations.
