الهيئة العامة للرقابة المالية

FRA Finalizes Operating Controls for Insurance Disputes Committee – Thursday 20 November 2025

Dr. Mohamed Farid – FRA Chairman:

• The Committee serves as a vital instrument for enforcing insurance justice, making it a practical realization of the Unified Insurance Law’s core objectives.
• Key outcomes of FRA’s move include faster dispute resolution and a substantially improved insurance business environment.
• The Committee must issue a reasoned decision within a strict 30-day window following the complete submission of all required data.
• Strict controls have been established to prevent conflicts of interest, thereby guaranteeing the Committee’s neutrality and integrity.
• The regulation permits and encourages negotiation and amicable settlement for disputes brought before the Committee.
• Fees start at EGP 5,000 for claims under EGP 1 million and cap at EGP 20,000 for claims over EGP 5 million.

FRA Board of Directors chaired by Dr. Mohamed Farid, has issued a landmark resolution to regulate “Insurance Disputes Committee”. This strategic action is the latest step in FRA’s efforts to develop the legislative and regulatory framework of the insurance sector, significantly enhancing consumer protection mechanisms and fostering a more efficient, transparent and stable operating environment within the Egyptian market.

Resolution No. 254 of 2025 specifies the Committee’s jurisdiction to consider and rule on all disputes arising between Policyholders, beneficiaries, third parties or those registered in insurance professions on one side and any of the insurance entities operating in the market on the other. These entities include all forms of insurance and reinsurance companies (commercial or Takaful), as well as specialized medical insurance companies, micro-insurance and insurance pools.

Dr. Mohamed Farid,  FRA Chairman affirmed that the new resolution represents a practical embodiment of the goals of the Unified Insurance Law and is a fundamental step toward enhancing protection for those dealing in the insurance sector. It aims to ensure they obtain their rights efficiently and transparently, thereby supporting stability and confidence in the non-banking financial activities system.

He pointed out that the Committee serves as a vital tool for enforcing insurance justice, which will reduce the duration of disputes and improve the business environment as a whole. Dr. Farid noted that the mandate compelling the Committee to issue a reasoned decision within only thirty days from the date all required data and documents are fully submitted comes within the framework of the Authority’s commitment to set operational mechanisms that guarantee speed and effective resolution of disputes.

The new resolution stipulates the formation of a Technical Secretariat for Insurance Disputes Committee. The Technical Secretariat receives all dispute applications from stakeholders and ensuring continuous communication with them throughout the process. It must organize and complete all papers and documents related to the insurance dispute so they are ready for  presentation to the Committee. It registers each application, thoroughly studies the case details and produces a detailed report. The  Additionally, the Technical Secretariat must  keep an electronic record of all dispute settlement requests, specifically logging the date of the application, the subject of the dispute, the details of the parties involved, the dates of the case meetings and the resolutions issued by the Committee.

Moreover, its duties include preparing an agenda for all sessions and submitting it directly to the Committee Chairman for approval. Following the meetings, the Secretariat is responsible for drafting the official minutes, which are required to be highly detailed, documenting all opinions expressed, the resolutions issued and the brief reasons forming the basis of those decisions. The Secretariat ensures all records are preserved by archiving the Committee’s meeting minutes and issued resolutions, alongside maintaining proof of notifying the concerned parties of the decisions made.

The list of the Secretariat’s duties further includes compiling and aggregating precedents established by the Committee in previous rulings. The Secretariat shall prepare statistical reports detailing the types of disputes presented, the resulting resolutions, and other related studies. The Secretariat is tasked with communicating directly with the parties to the dispute – requesting necessary data, documents, or memorandums and arranging for hearings or inquiries regarding relevant facts – in addition to performing any other tasks assigned by the Committee Chairman.

The resolution stipulates that the Technical Secretariat, with the approval of the Committee Chairman, may seek the opinions of the relevant departments within FRA regarding technical matters that fall within their competence.

On the other hand, the resolution establishes a graduated fee structure for the service of studying and examining dispute applications, determined by the value of the amount under contention. Specifically, the fee is set at EGP 5,000 for disputes valued up to EGP 1 million. This fee then increases to EGP 10,000 if the disputed amount exceeds EGP 1 million but does not surpass EGP 5 million. For the highest claims, the fee reaches EGP 20,000 if the value of the amount under dispute exceeds EGP 5 million.

The resolution permits the parties to negotiate and agree upon an amicable settlement of the dispute brought before the Committee. This settlement must be formally recorded in minutes signed by the parties or their representatives.

Additionally, the resolution sets the deadline for the Committee’s decision at 30 days from the date all data and documents are fully submitted. The decision must be reasoned and signed by the Committee Chairman. The parties to the dispute are obligated to implement the Committee’s decision within a maximum of 30 days from the date it becomes enforceable. This period may be extended with the approval of FRA Chairman if the concerned party provides acceptable justifications.

To ensure neutrality and integrity, the resolution established strict controls to prevent conflicts of interest. These controls prohibit Committee members from considering, participating in the discussion, or voting on any subject or resolution if they, or their relatives up to the fourth degree, have a direct or indirect interest in the dispute, or if they are adversaries to any of the parties.

Committee members, Technical Secretariat and any mandated experts are obligated to maintain the confidentiality of information and are prohibited from disclosing any data or documents related to the dispute without the prior written consent of the parties. By virtue of this resolution, Resolution No. 926 of 2018 (which previously regulated the work of the Dispute Resolution Committee) has been repealed. The new resolution is effective from the day following its date of publication in the Official Gazette (Al-Waqai’ Al-Misriyya).

FRA had previously issued Resolution No. 77 of 2025 at the end of last October. This resolution mandates insurance companies to establish an integrated system for the prompt and transparent resolution of customer complaints by creating specialized internal departments to handle complaints and applying the highest standards of disclosure and clarity in all insurance policies and services provided to clients.

Insurance companies and related professions are now obligated to submit periodic reports to FRA. These reports must detail the causes and patterns of complaints, alongside the corrective actions implemented. Moreover, the regulations now clearly govern the process for submitting external complaints to FRA, specifically after the internal company complaint process has been failed and a settlement could not be reached.

The complaint process within the insurance sector is now structured in distinct stages. Initially, the client submits a complaint to the insurance company, which is obligated by FRA resolutions to provide a response as quickly as possible. If the client finds the company’s response unacceptable, they are entitled to appeal to the Authority directly, without incurring any fees. The final stage allows the client to appeal to Dispute Resolution Committee upon payment of the predetermined service fees and the fulfillment of all previously mentioned required data.

FRA has initiated a comprehensive development revolution in the insurance sector. The Authority has issued approximately 47 regulatory resolutions since the application of the Unified Insurance Law, with the goal of enhancing the market’s strength and resilience and achieving both insurance and financial inclusion simultaneously.

FRA Chairman Delivers Keynote at MFSA Public Conference in Malta – Tuesday 18 November 2025

• the MFSA Public Conference is held concurrently with the meetings of the Growth and Emerging Markets Committee (GEMC) in Malta.
• Mohamed Farid presents a future vision for the principles of growth and stability of Capital Markets in emerging economies

Dr. Mohamed Farid – FRA Chairman:

• Emerging markets are active and influential players in reshaping global standards and driving the international financial transformation process.
• FRA is a pioneering model that combines regulatory innovation, sustainable action and digital transformation in developing capital markets within emerging economies.
• Developing human capabilities is considered the essential pillar for ensuring long-term competitiveness and achieving effective digital transformation.
• Regional and global cooperation is imperative to counter financial fragmentation and technological disruption, enabling emerging markets to lead international financial policies.

Dr. Mohamed Farid, FRA Chairman, Vice Chair of the IOSCO Board and Chair of the IOSCO’s Growth and Emerging Markets Committee (GEMC) participated in the Public Conference organized by the Malta Financial Services Authority (MFSA). Dr. Farid delivered the keynote speech to an elite group of financial regulators and policymakers from various global markets. This Conference coincided with the GEMC Annual Meetings 2025 hosted by the MFSA in Malta from November 18 to 20.

During his keynote address, titled “Emerging Markets: Opportunities, Threats and New Trends in a Challenging Global Landscape,” Dr. Farid comprehensively discussed the current state of the global financial ecosystem. He first analyzed the most prominent global economic developments shaping the financial landscape. Following this, he addressed the serious repercussions of geopolitical risks on financial stability. He delved into the future of Capital Markets, emphasizing the vital role of both regulation and innovation in enhancing their efficiency, with a specific focus on digital transformation.

Dr. Farid highlighted that the issuance of Egypt’s Financial Technology (FinTech) Law and its Executive Regulations represents a shift in the evolution of the Egyptian regulatory framework, proving that “Adaptability can be an inherent part of the regulation itself.” He stressed that the framework is moving beyond rigid rules that merely follow innovation; instead, it is now designed to evolve alongside it. This capability enables real-time regulatory interaction with new FinTech developments, allowing FRA to simultaneously ensure investor protection, enhance transparency, and encourage an environment stimulating innovation and creativity. This strategy, he concluded, reflects FRA’s unique ability to successfully blend regulatory rigor with the flexibility essential for keeping pace with the digital revolution, all while maintaining public interest and consumer protection as its highest priorities.

Dr. Farid detailed FRA successful transition from a traditional paper-based operation to an integrated digital model. FRA has licensed digital startup companies, approved a register for FinTech service providers and implemented essential digital infrastructure such as electronic e-KYC procedures, digital contracts and a digital register- all of which boost efficiency and broaden access to financial services. Furthermore, FRA has licensed Robo-Advisor services to empower asset managers with artificial intelligence and has begun issuing digital licenses for Real Estate Investment Funds, Private Equity and Venture Capital funds, setting the stage for a full migration to advanced digital fund management models. These innovative steps, Dr. Farid concluded; establish a financial ecosystem built on digital innovation, positioning FRA as an active partner in shaping the future of non-banking finance according to the latest global standards.

He pointed out that emerging markets have proven their story is not just one of shock resistance, but one of strategic adaptation, which has transformed them into laboratories for innovation that are currently reshaping global standards and driving the agenda for reform and sustainability toward measurable, practical horizons. He affirmed that the Committee (GEMC) continuously works to support these markets and facilitate the exchange of experiences among them, which contributes to developing their regulatory structures, improving their capacity to confront risks, and enhancing their attractiveness for investments.

Dr. Farid underscored that sustainability has moved beyond a theoretical concept to become an integral component of regulatory practices and institutional work. He stressed the imperative to integrate Environmental, Social and Governance (ESG) criteria across all market activities. Furthermore, he affirmed that developing human capabilities is a fundamental pillar for ensuring long-term competitiveness, noting that investment in qualified and trained personnel is vital for achieving both digital transformation and innovation.

Dr. Farid underscored the imperative need for intensified regional and global cooperation to counter the challenges posed by financial fragmentation and technological disruption. He clarified that collaboration among emerging markets is a key driver for future growth, which empowers them to assume a leading role in setting global financial policies and standards. Furthermore, he confirmed that bolstering partnerships and exchanging expertise among regulatory bodies are essential steps for building markets that are more resilient, better equipped to manage risks and prepared to embrace modern innovations.

Dr. Mohamed Farid presented his future vision for Capital Market development in the coming decade, which rests upon three principles designed to convert uncertainty into an opportunity for leadership. The first principle, Innovation with Integrity, mandates that technology actively enhances financial inclusion and broad access to services for all. This requires that the relevant regulations are flexible, ethical and transparent, effectively supporting innovation without compromising client rights or market stability. The second principle, Integration with Regulatory Independence, calls for a concerted effort to deepen ties between markets and facilitate robust regional and international cooperation. Crucially, this integration must be managed to ensure that national stability and the protection of investors and clients remain intact, thereby leading to the creation of a sustainable and interconnected global financial network. The third principle is Growth that Considers Sustainability. Dr. Farid asserted that our financial systems must achieve growth that fundamentally respects environmental and social balance. This involves pursuing sustainable development that avoids compromising natural resources or the environment, a crucial step that will ensure Capital Markets are more resilient and better equipped to confront future challenges.

Concluding his address, Dr. Farid emphasized that international cooperation is mandatory in the interconnected global financial environment. He called for continuous dialogue and knowledge sharing among regulators to foster strong, resilient Capital Markets. He asserted that deeper global market integration is the best route to comprehensive and sustainable financial stability, yielding positive impact across national economies, businesses and individuals.

FRA Regulatory Sandbox Signs 3 Cooperation Protocols with Leading Technology Firms to Boost Innovation – Monday 17 November 2025

• On the sidelines of Cairo ICT 2025: Alliances with “Liquid C2,” “Cyber Force,” and “JRNY” to enhance cybersecurity, cloud computing, innovation and startups.
• Farid: “Our objective is to establish a flexible regulatory environment that fuels startup growth while utilizing the latest digital solutions to safeguard all stakeholders.”

In a move reflects the accelerating pace of digital transformation in the Non-Banking Financial Sector (NBFS), the Financial Regulatory Authority (FRA) announced, during its participation in Cairo ICT 2025, that “FRA Sandbox” Regulatory Lab signed three strategic cooperation protocols with a selection of leading technology companies specialized in the fields of cybersecurity, cloud computing and advanced data solutions.

These alliances reinforce FRA’s mission as a catalyst and enabler of technology. The goal is to build a sophisticated, flexible regulatory ecosystem capable of accommodating innovative business models. By providing a safe testing environment, FRA ensures the growth of startups while simultaneously safeguarding the data and rights of all stakeholders.

“Liquid C2,” “Cyber Force,” and “JRNY” were selected to boost four key areas: cloud computing, security readiness, innovation, and support for startups

FRA Sandbox signed a protocol with “Liquid C2” (Middle East and North Africa), represented by Major General Badr Khairy, Chairman of the Regional Board and CEO Sherif Shaltout. This agreement focuses on cybersecurity and cloud computing.

Similarly, the protocol with “Cyber Force” was signed with Engineer Tamer Raafat, CCO, and Dr. Ahmed Amin, Founder and CEO, representing the company. This partnership also targets collaboration in cybersecurity and cloud computing.

The third protocol was signed with “JRNY,” focusing on innovation and startups. The agreement was formalized by Ahmed Seddik, Co-founder and in the presence of its CEO, Dalia Aboul-Yazid.

Commenting on the partnerships, Dr. Mohamed Farid, FRA Chairman affirmed that these initiatives are integral to a comprehensive strategy aimed at cultivating an innovation-friendly environment.

Dr. Farid asserted that technology is now the backbone for market stability and growth, no longer a mere auxiliary tool. Through FRA Sandbox, the Authority is transforming from a traditional regulator into a key partner in shaping the future. This is achieved by providing a safe testing environment for startups to experiment boldly, which simultaneously gives FRA the necessary insight to formulate precise and effective legislative frameworks.

FRA Chairman concluded by affirming that collaboration with specialized, leading technology firms is an essential step to further enhance the structure of the non-banking financial sector, ultimately serving the broader national economy.