الهيئة العامة للرقابة المالية

The IOPS Executive Committee defines and implements the organization’s strategic mandate which focuses on integrating members worldwide to uphold financial stability, inclusion and a robust regulatory framework.

Dr. Mohamed Farid – FRA Chairman:

Winning the Executive Committee membership for the sixth consecutive term underscores the international community’s profound appreciation and trust in the Authority’s vital role in developing private insurance fund systems.

The Authority is designing new work mechanisms for these funds, driven by its mission to expand the insurance umbrella and ensure coverage for diverse, previously uninsured segments of society.

Egypt, represented by the Financial Regulatory Authority (FRA), has secured an unprecedented sixth consecutive term on the IOPS Executive Committee for the 2026-2027 term. This significant victory came during the Executive Committee elections held at the IOPS Annual General Meeting in Istanbul, Turkey, during the first week of November. FRA delegation attended the event, which brought together numerous high-ranking officials from regulatory and supervisory bodies all over the world.

Established in 2004, the International Organization of Pension Supervisors (IOPS) serves as the world’s premier forum for international regulatory dialogue. Its core mission is to facilitate information exchange, promote robust regulatory policies and lead the standardization of global criteria for supervising private insurance funds. Additionally, the IOPS seeks to improve the quality and effectiveness of oversight by encouraging the application of the best international practices across all member jurisdictions.

The IOPS maintains a strategic affiliation with the Organization for Economic Co-operation and Development (OECD), operating under the broader umbrella of the United Nations. With a robust global reach, the Organization currently includes 77 member countries worldwide. The Executive Committee consists of 15 members, including Egypt. This Committee is tasked with executing the Organization’s strategic plans and projects of mutual interest.

Dr. Mohamed Farid, FRA Chairman stated that winning the sixth consecutive term on the IOPS Executive Committee reflects the international community’s profound appreciation for the Authority’s vital role in developing the private insurance fund systems. This global confidence acknowledges FRA’s success in strengthening the legislative infrastructure and actively protecting the rights of fund members.

He highlighted that during 2024 and 2025 the Authority issued a number of executive decisions implementing the provisions of the landmark Unified Insurance Law No. (155) of 2024.

Dr. Farid affirmed FRA’s commitment to these funds, leveraging Egypt’s nearly 50 years of expertise in the sector’s supervision. He added that the Authority focuses on several key developmental areas. This includes expanding insurance inclusion by developing new work mechanisms aimed at extending the insurance umbrella to ensure coverage for diverse, previously unprotected segments of society. This effort also seeks to enhance its capacity to attract more national savings and contribute to raising levels of insurance inclusion. Furthermore, the Authority is working on developing the investment structures of these funds to support their transformation into an influential institutional investor that contributes to supporting the national economy. This is alongside promoting financial stability and establishing sound governance principles for pension funds, ultimately benefiting their members in light of financial and economic variables.

Dr. Farid stressed FRA’s collaborative role and commitment to global standards as a member of the International Organization of Pension Supervisors (IOPS). IOPS actively collaborates with leading international bodies to advance pension oversight policies, including the Organization for Economic Co-operation and Development (OECD), the World Bank, the International Social Security Association (ISSA), the International Association of Insurance Supervisors (IAIS), and the International Monetary Fund (IMF).

He concluded by reiterating FRA’s unwavering commitment to implement IOPS principles to safeguard the interests of fund members and beneficiaries. The sixth consecutive electoral win is a clear global endorsement of Egypt’s consistent efforts in developing the regulatory systems and legislative framework for private insurance fund activities and protecting stakeholder rights.

Dr. Mohamed Farid further highlighted the Authority’s proactive efforts in strengthening the sector’s regulatory framework through the issuance of several critical resolutions in 2024. This includes resolution no. (236) regarding the unified statute for Private Insurance Funds and resolution no. (237) which sets comprehensive controls for the registration, liquidation and delisting of these funds. Key financial governance was addressed by resolution no. (256) which standardized the fiscal year for private insurance funds and resolution no. (269) which established investments’ rules, controls and percentages. Finally, FRA issued resolution no. (271), sets controls and fees for publishing decisions of insurance entities on the Authority’s official website.

In further efforts, FRA issued several other key resolutions. These include resolution no. (276) which mandates the preparation of periodic financial statements for Private Insurance Funds and resolution no. (278) which sets controls for selecting expert members for their Boards of Directors.

Moving into 2025, resolution no. (1) allows the establishment of more than one private insurance fund within a single entity, promoting flexibility, while resolution no. (62) governs licensing of electronic websites for insurance sector operators. Additionally, the Authority issued other resolutions related to fees, including resolution no. (78) setting service charges payable by insurance sector operators and resolution no. (79) governing the submission and acquisition of fund member data. Crucially, resolution no. (77) establishes comprehensive controls for the protection and examination of complaints from all stakeholders dealing with insurance entities, including private insurance funds.

It is noteworthy that the total assets of private insurance funds reached approximately EGP 184.7 billion by the end of 2024, while the number of members is about 4.8 million members and the volume of investments reached approximately EGP 168.1 billion.