الهيئة العامة للرقابة المالية

• Mohamed Farid: Egypt’s selection stands as a testament to the international community’s appreciation for FRA’s efforts.
• Tarek Seif, Executive Director of the Financial Services Institute selected to represent FRA.

The International Association of Insurance Supervisors (IAIS) has selected Financial Regulatory Authority (FRA) to join Protection Gaps Task Force (PGTF). This significant move marks the first time Egypt’s regulatory body has joined the PGTF, with FRA officially delegating Dr. Tarek Seif, Executive Director of the Financial Services Institute to serve as its representative.

This selection is a result of FRA’s ongoing efforts to develop the insurance sector, notably by issuing the Unified Insurance Law followed by 47 regulatory decisions aimed at establishing a strong, resilient market capable of adapting to global changes.

The IAIS is the global standard-setting body for insurance supervision, comprising over 200 regulators worldwide. Its mission is to enhance global financial stability, protect policyholders and develop regulatory frameworks aligned with international best practices.

Dr. Mohamed Farid, FRA Chairman stated that the international community’s appreciation for FRA’s comprehensive reforms is validated by Egypt’s membership. The Authority has actively developed the Egyptian insurance sector through pivotal actions: enacting legislative reforms, enhancing technological infrastructure and data integration capabilities and fortifying FinTech regulatory framework in the non-banking financial markets.

He added that this move enhances Egypt’s presence in global forums related to insurance and sustainability, especially amidst climate change and natural disasters challenges. FRA looks forward to cooperating with the task force to support regulators and policymakers in boosting climate resilience and insurance inclusion.

The Protection Gaps Task Force (PGTF) aims to assist regulators and policymakers, particularly in emerging and developing markets, in identifying and addressing NatCat Protection Gaps. Launched in late 2022, it operates in collaboration with the World Bank and various international partners.

The PGTF is led by distinguished figures: Fiona Woods, Senior Policy Specialist at the Central Bank of Ireland (Chair) and Jacqueline Friedland, Executive Director of OSFI’s Risk Assessment and Intervention Hub (Co-Chair). OSFI is the Canadian regulatory body responsible for overseeing all federal financial institutions, including banks, insurance companies and federal pension funds.

Dr. Tarek Seif, Executive Director of the Financial Services Institute, has been officially appointed as FRA’s representative to the PGTF, a historic achievement as he is the first Egyptian in this capacity. This appointment underscores the global recognition and validation of Egyptian expertise in the fields of insurance and sustainability within the international regulatory system.

Dr. Seif brings over 30 years of experience in the insurance and sustainability industries, having previously served as Secretary-General of the Insurance Federation of Egypt (IFE) and holds a fellow of the Chartered Insurance Institute (CII, UK)

FRA has significantly developed the insurance sector by establishing comprehensive new frameworks. Key actions include the inaugural issuance of controls for registering and operating reinsurance companies in Egypt and releasing a unified statutory framework for private insurance funds which governs their registration, liquidation, delisting and charter amendments.

Furthermore, FRA issued the rules, controls and ratios for investing assets of private insurance funds. The Authority also introduced controls and fees for the digital publication of decisions related to insurance companies, private insurance funds, federations and supporting bodies on FRA’s official website.

The Authority also enhanced governance by introducing controls for the selection of expert board members for private insurance funds, alongside rules for periodic financial reporting.