الهيئة العامة للرقابة المالية

FRA Chairman Receives New EGX Chairman – Wednesday 22 April 2026

• FRA Chairman congratulates new EGX Chairman, stressing on strategic coordination for Capital Market growth.

Dr. Islam Azzam, FRA  Chairman received Mr. Omar Radwan, the new Chairman of the Egyptian Exchange (EGX), following his appointment today by Prime Minister Dr. Mostafa Madbouly.

Several leaders attended the meeting from both FRA and EGX. Dr. Islam Azzam extended his congratulations to the new EGX Chairman, wishing him success in his new responsibilities.

FRA Chairman pointed out the importance of the upcoming phase witnessing increased cooperation to support Capital Market development plans and to enhance efficiency and competitiveness across various related sectors.

Dr. Islam Azzam emphasized a dual commitment to market stability and investor protection. He highlighted the strategic priority of launching new financial instruments and products designed to stimulate trading volume and enhance Capital Market’s competitive performance.

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Issues New Regulations for Actuarial Expertise to Bolster  Insurance Sector –  Wednesday 22 April 2026

Dr. Islam Azzam:

• The decree boosts actuaries’ competency, elevates service quality, and reinforces risk management.
• A five-year renewable expert registry is now established, with a six-month compliance window.
• Clear criteria for firms and individuals, with mandates ensuring reliability and preventing conflicts of interest.

FRA Board of Directors chaired by Dr. Islam Azzam, has issued Decree No. 56 of 2026, regulating the registration, practice, and licensing of actuaries and actuarial firms. This move aligns with FRA’s commitment to developing the insurance sector in accordance with the Unified Insurance Law No. 155 of 2024 and bolstering Egypt’s non-banking financial landscape.

Dr. Islam Azzam stated that this decree is a pivotal step in establishing a formal regulatory framework for the actuarial expertise. It aims to elevate professional competency and improve the quality of technical work within the insurance industry. By fostering transparency and market discipline, the decree ensures that actuarial studies and reports are based on precise scientific and professional standards, thereby strengthening risk management for both insurance companies and private insurance funds.

He added that the decree stems from FRA’s commitment to develop the actuarial profession in Egypt, aligning it with international best practices and enhancing sector-wide governance. This, in turn, is expected to improve the efficiency of both technical and financial decision-making processes.

Under the decree, all natural and legal persons engaged in actuarial activities must be licensed by and formally registered with FRA. Furthermore, the decree strictly prohibits insurance companies and private insurance funds from engaging with any non-registered experts to conduct actuarial studies.

Under the new regulations, a five-year renewable registry has been launched for actuaries. To enhance administrative efficiency and support digital transformation, all registrations must now be processed via the designated electronic platform.

The decree sets forth specific requirements for establishing actuarial firms, most notably: they must be incorporated as Egyptian joint-stock companies with a minimum capital of EGP 3 million, as previously mandated. Additionally, shareholders must possess proven expertise in financial, investment, or actuarial fields, and the firm must maintain a qualified executive management team officially listed in FRA registry.

The decree mandates that individual experts possess internationally recognized qualifications, relevant experience, and professional integrity, in addition to passing  FRA’s examinations.

FRA Chairman Dr. Islam Azzam underscored that actuaries must maintain the highest levels of integrity, objectivity, and confidentiality. He emphasized exercising due professional care and strictly avoiding practices that could harm clients, insurers, or the actuarial profession.

Dr. Azzam stressed the importance of preventing conflicts of interest and ensuring that reports are built on documented scientific foundations to guarantee the reliability of actuarial outcomes.

To bolster market confidence, the decree introduces mandatory professional indemnity insurance for experts and firms. These policies issued by licensed Egyptian insurers and scaled to business volume, provide essential stakeholder protection and enhance sector-wide risk management.

The decree establishes a comprehensive regulatory framework for actuaries, encompassing the disclosure of material changes and reporting violations to the Authority. It further empowers FRA to take administrative actions, ranging from suspension to the revocation of registration in cases of serious misconduct.

Actuaries have a six-month grace period to update their data and align their professional status with the new regulatory requirements.

Introduces First-Ever Regulatory Framework for Managing General Agents (MGAs) to Strengthen Reinsurance Sector – Wednesday 22 April 2026

Dr. Islam Azzam:

• New framework defines roles and responsibilities to match international standards.
• MGAs and insurers have six months to ensure full compliance.

FRA Board of Directors chaired by Dr. Islam Azzam, issued Decree No. 55 of 2026 to regulate the registration of Managing General Agents (MGAs). This initiative aims to develop reinsurance market and enhance efficiency following the enactment of the Unified Insurance Law No. 155 of 2024.

Dr. Islam Azzam noted that this decree establishes a crucial framework for regulating insurer-MGA relations. The goal is to define responsibilities more clearly, bolster reinsurance market performance, and ensure the sector remains responsive to international practical developments.

The decree defines the MGA’s scope of work and prohibits insurers from outsourcing reinsurance operations to unregistered entities. It mandates MGA participation in efficient claims management and dispute resolution, setting strict technical expertise and financial solvency as core registration criteria.

An MGA is defined as a legal entity authorized by FRA-registered reinsurers to provide services, including underwriting and claims settlement. These powers are granted via a “Binding Authority Agreement,” which precisely outlines the agent’s mandate to contract and act on the reinsurer’s behalf.

For the first time, a dedicated MGA registry has been established. It tracks essential data, regulatory jurisdictions, and contractual relationships with insurers and reinsurers to bolster transparency and simplify regulatory supervision.

To ensure all transactions involve supervised and financially sound entities, insurance firms operating in Egypt are strictly prohibited from dealing with any MGA not officially registered with the FRA.

The decree mandates stringent registration criteria, requiring oversight by a competent regulatory body equivalent to FRA. Applicants must demonstrate extensive reinsurance expertise and maintain a qualified workforce. Furthermore, they must provide a proven track record with a reinsurer rated at least (A), based in a jurisdiction with a minimum (BBB) credit rating. Additionally, all major stakeholders must maintain a clean record relative to international sanctions and domestic terrorist watchlists.

Registration requires a valid Binding Authority Agreement with an FRA-registered reinsurer (minimum one-year term) and a Professional Indemnity policy from a licensed Egyptian insurer with at least EGP 40 million in coverage. Applicants must submit comprehensive technical and financial documentation, with FRA reserving the right to verify competence via field audits or technical interviews.

The registration period for Managing General Agents (MGAs) is three years, renewable contingent upon continued compliance with all regulatory standards. To ensure business continuity, renewal applications must be filed within a prescribed timeframe prior to the registration’s expiry.

To secure an official listing, applicants must submit a comprehensive documentation package, including full disclosure of ownership structure, Binding Authority Agreement, and the reinsurer’s Letter of Authorization. Additionally, the filing must include audited financial statements in both Arabic and English, alongside a strategic business plan detailing target volumes for the Egyptian market.

FRA Chairman Dr. Islam Azzam emphasized that the decree establishes a framework for disciplined market operations and clear accountability. MGAs are strictly required to adhere to all governing laws, Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) regulations, and data confidentiality protocols. Additionally, periodic disclosures regarding business volumes and executed operations must be submitted to FRA.

Moreover, domestic insurance companies engaging with MGAs are responsible for verifying the agent’s scope of authority as defined in their respective binding agreements. Insurers must also proactively notify FRA of any new contracts, material amendments, or regulatory violations committed by the agent.

FRA Board is empowered to revoke an agent’s registration for failing to meet eligibility conditions, breaching statutory obligations, or ceasing operations for two consecutive years. Notably, the agent’s liabilities toward Egyptian insurance entities remain enforceable even post-deregistration.

The decree provides a six-month grace period for MGAs and insurance firms to reconcile their status with the new regulations. Furthermore, insurance companies are required to submit comprehensive data on all existing agents to FRA within one month of the decree’s effective date.

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