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.

Dr. Tarek Seif, FSI Director represents Financial Regulatory Authority at the IAIS Meetings in Morocco – Tuesday 30 June 2026

• This participation comes after Egypt officially joined the IAIS Protection Gaps Task Force (PGTF).

 Financial Regulatory Authority (FRA), represented by Dr. Tarek Seif, Executive Director of the Financial Services Institute (FSI) – FRA’s training arm- participated in the joint meeting of the Emerging Markets and Developing Economies (EMDE) and the Protection Gaps Task Force (PGTF). The meeting, organized by the International Association of Insurance Supervisors (IAIS), was hosted in the Moroccan capital, Rabat.

This participation follows the selection of Dr. Tarek Seif as a member of the IAIS Protection Gaps Task Force (PGTF), making him the first Egyptian to join this specialized committee representing FRA.

The IAIS is the global standard-setting body for insurance supervision and regulation, encompassing more than 200 regulatory authorities worldwide. It aims to promote financial stability, protect policyholders and develop regulatory frameworks in accordance with international best practices.

During the meeting, participants discussed risk-based solvency regimes, digital innovation, cybersecurity risks, consumer value propositions, and public-private partnership (PPP) insurance programs.

Discussions centered on ways to support regulators and policymakers in developing the necessary regulatory frameworks to bridge insurance protection gaps. The sessions also explored enhancing the capacity of insurance markets to provide more efficient and sustainable risk management solutions, in cooperation with several international institutions, led by the World Bank.

Egypt’s participation underscores the growing stature of the Financial Regulatory Authority (FRA) within international insurance organizations and forums. It also reflects the rising global confidence in Egyptian expertise and its ability to contribute to discussing and shaping global issues related to insurance and sustainability.

Furthermore, Egypt’s inclusion in the IAIS Protection Gaps Task Force (PGTF) will enhance its international footprint regarding the future of the insurance industry, while facilitating the exchange of expertise with global regulators and international institutions.