الهيئة العامة للرقابة المالية

Dr. Islam Azzam, FRA Chairman:

“FRA aims to scale insurance penetration and expand market coverage – a goal that relies entirely on driving innovation.”

Dr. Islam Azzam, FRA Chairman reaffirmed the Authority’s commitment to revitalize Egypt’s insurance market and expand its contribution to the national Gross Domestic Product (GDP). He declared FRA’s readiness to support insurance providers by streamlining and accelerating approval process for new products fully aligned with the Unified Insurance Law No. 155 of 2024.

The high-level meeting brought together managing directors and executive representatives from across Egypt’s insurance sector. Key attendees included Dr. Ahmed Abdelaziz, FRA Vice  Chairman; Counselor Reda Abdelmoaty, Senior Advisor to FRA; alongside senior leaders from the Authority’s technical departments.

Dr.  Islam Azzam outlined that the meeting serves as a foundational step toward updating the regulatory framework governing product approvals. The initiative includes a comprehensive review of policy terms, conditions, and templates across all insurance branches. He emphasized that this collaborative approach underscores FRA’s dedication to maintain an open, continuous dialogue with non-banking financial sector stakeholders to elevate service quality and operational efficiency.

FRA Chairman urged insurance companies to accelerate the development of pioneering products that dynamically respond to shifting consumer demands. By diversifying portfolios and targeting new socio-economic segments, insurers can significantly enhance insurance penetration, broaden coverage and improve financial inclusion.

During the session, FRA Chairman reviewed feedback and industry proposals on recent studies conducted by the Authority aimed at fast-tracking product entry to the market. Dr. Islam noted that these updated mechanisms strike a vital balance between regulatory compliance and market incentives, all while strictly upholding robust corporate governance, transparency and disclosure standards.

It is worth noting that under Article (209) of the Unified Insurance Law, insurers must notify FRA of all policy terms, contract templates and amendments across all branches, with implementation strictly prohibited prior to FRA approval. Furthermore, life insurance and funds accumulation operators must submit their pricing structures, actuarial reports and technical bases for regulatory review. If the Authority does not issue an objection within 30 days of receiving a complete submission, the product is automatically deemed approved. FRA will also conduct periodic reviews of active market pricing and policy terms to guarantee fair pricing conditions.