الهيئة العامة للرقابة المالية

FRA and NTA Partner to Drive Financial Literacy and Capacity Building – Sunday 5 July 2026

Dr. Islam Azzam – FRA Chairman:

“Enhancing the non-banking financial sector’s contribution to the national economy depends first and foremost on capacity building and continuous awareness.”

Dr. Islam Azzam, FRA Chairman visited the National Training Academy (NTA) where he met with Dr. Solafa Goueli, the Academy’s Executive Director, to discuss mutual cooperation aligned with the Authority’s strategy to expand public awareness and build institutional capacity. Dr. Taher Nasr, Deputy Executive Director of the NTA; Dr. Mohamed Abdelaziz, Assistant to FRA Chairman; and Dr. Tarek Seif, Executive Director of the Financial Services Institute (FSI) attended the meeting.

Dr. Islam Azzam praised the Academy’s significant national contributions, driven by the directives of His Excellency the President of the Republic, to support the state’s broader framework for enhancing institutional performance.

He highlighted FRA’s ongoing commitment to develop human capital within the non-banking financial sector. The Financial Services Institute (FSI) in partnership spearheads these initiatives with numerous specialized educational institutions globally and domestically—ultimately driving greater competitiveness across all activities regulated by the Authority.

FRA Chairman underscored the Authority’s commitment to enhance financial literacy and awareness by bridging the gap between theoretical concepts and practical applications for youth. This objective is being driven through the Authority’s “I Invest” digital platform and specialized university training programs, alongside a recent partnership with the Ministry of Education to integrate non-banking financial literacy into the secondary school curriculum. Dr.  Islam Azzam concluded by noting that the steady influx of young investors into the capital market and mutual funds necessitates a heightened focus on high-quality training, accurate financial concepts and access to reliable data.

FRA Chairman also discussed the Authority’s efforts to stimulate innovation and deploy financial technology (fintech) and artificial intelligence to create new services. He emphasized that the sustainability of non-banking financial activities and the maximization of their contribution to the national economy depend primarily on expanding the pool of specialized talent and ensuring the continuous education of both industry professionals and the public.

For her part, Dr.  Solafa Goueli, Executive Director of the National Training Academy (NTA), reviewed the vital role the Academy plays in enhancing human and institutional capabilities, thereby contributing to higher efficiency and readiness among professionals in national institutions. She outlined the Academy’s strategic objectives and the details of its diverse programs aimed at developing the state’s administrative apparatus.

She further explained the latest updates in the Academy’s training tracks and efficiency-building initiatives. She highlighted the management’s focus on balancing knowledge enrichment, general culture, specialized technical training and soft skills development, alongside the ability to design tailored programs based on the specific interests and requirements of government entities.

Concluding the meeting, both sides will step up strategic consultations to launch joint initiatives aimed at boosting financial literacy among youth, streamlining access to non-banking financial services and fostering investment.

FRA Chairman Issues Resolution to Streamline Approval Process for Group Insurance Contracts – Friday 3 July 2026

• The new system balances operational speed with strict regulatory compliance for both standard and non-standard contracts.
• Companies must submit all relevant data within the first week of the month following issuance or renewal.

Dr. Islam Azzam, FRA Chairman issued a new resolution establishing clear guidelines for reporting insurance contract data. The framework applies directly to life insurance and funds accumulation operators in the market.

The resolution aims to streamline and accelerate the approval process for group insurance contracts. It covers standard contracts (issued or renewed using pre-approved models) as well as non-standard contracts (renewed client policies previously cleared by FRA upon issuance). This streamlined framework functions without prejudice to the statutory mandates of the Unified Insurance Law No. (155) of 2024.

Furthermore, the resolution establishes a new framework governing corporate interactions with the Authority, optimizing the approval mechanism for both standard and non-standard contracts.

Under the new framework, companies must provide the Authority with a dedicated statement detailing all standard contracts issued or renewed under each pre-approved model. This submission must include a copy of the previously approved template, alongside an undertaking from the company’s legal representative certifying that the issued contracts fully align with the approved model. Furthermore, the representative must affirm that these contracts comply with the technical basis, actuarial reports and reinsurance arrangements previously submitted to the Authority.

Regarding non-standard contracts, companies are required to notify the Authority with a unified statement detailing all such policies. This must be accompanied by an undertaking from the company’s legal representative, confirming that the renewed contracts strictly match those previously approved by the Authority upon initial issuance. The representative must also certify that the renewals comply with the technical bases, actuarial reports and reinsurance arrangements previously submitted to the Authority.

The resolution mandates that companies submit all data concerning both standard and non-standard contracts within the first week of the month following the policy’s issuance or renewal.

Additionally, FRA may at any time request that companies provide copies of standard or non-standard contracts, related actuarial reports detailing actual performance history, or any other supporting documentation.

Dr. Islam Azzam stated that this new system for managing standard and non-standard contracts strikes the ideal balance between the speed required to stimulate the market and incentivize corporate expansion, and the rigorous oversight needed to ensure transparency and accountability across company operations.

He noted that this resolution followed an extensive dialogue with market stakeholders and a comprehensive review of the practical considerations arising from the implementation of Article (209) of the Unified Insurance Law. This article requires companies to report all policy terms, models, and amendments to FRA. These updates cannot be utilized until they are either formally approved or a 30-day window passes following the submission of all required documentation without any regulatory objection.

FRA Chairman Meets with Insurance Companies to Boost Market Growth and Products Expansion – Thursday 2 July 2026

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.