الهيئة العامة للرقابة المالية

The Federation’s General Assembly has approved new bylaws, aligning them with international standards to boost the insurance sector’s efficiency and competitiveness.

FRA Board of Directors, Chaired by Dr. Mohamed Farid, has officially approved the bylaws of the Insurers Federation of Egypt (IFE). This approval, formalized by Resolution No. 127 of 2025, directly implements the new Unified Insurance Law No. 155 of 2024.

FRA’s approval came after the Federation’s General Assembly voted on May 18, 2025, to adopt the revised bylaws. The Assembly had meticulously updated its regulations to ensure full compliance with the Unified Insurance Law. FRA’s subsequent review affirmed their complete consistency with the new law, confirming they contained no discrepancies.

This move is part of a broader series of resolutions issued by FRA to enforce the Unified Insurance Law, reflecting its ongoing commitment to boost the efficiency and competitiveness of Egypt’s insurance sector. The aim is to bolster the sector’s vital role in the national economy, not only by safeguarding assets but also by mobilizing crucial savings. These savings are essential for enhancing national saving rates, which, in turn, are a primary source for funding investments necessary to achieve desired economic growth.

The newly approved bylaws introduce significant changes, including an updated organizational structure for the Federation. They also modify provisions concerning membership, admission procedures and the criteria for Board candidacy. The Board of Directors will now comprise a chairman, a vice-chairman and 11 members, serving four-year terms that can be renewed once. Notably, the bylaws mandate that two female members must be included among the chairpersons, vice-chairpersons or managing directors of member companies.

The new bylaws establish stringent nomination requirements for board membership. Candidates must possess a good reputation, be free of prior criminal convictions and have full legal capacity. Candidates must not have been dismissed from employment for disciplinary reasons or removed from a professional register due to issues of honesty or honor, unless three years have passed. Additionally, nominees need a minimum of 10 years of insurance experience and a proven leadership record. The bylaws further detail the precise mechanisms for nominations, appeals, vote counting and conducting the General Assembly, ensuring transparency and integrity through clear standards.

Beyond board criteria, the new bylaws introduces key amendments aimed at increasing and diversifying the Federation’s financial resources. These now include surpluses generated from conferences and events organized by the Federation, proceeds from penalties levied against members and revenues the Financial Regulatory Authority opts to collect on the Federation’s behalf.

Significantly, the Federation’s bylaws have also redefined the Insurance Institute of Egypt (IIE). Now known as Training and Qualification Institute for Insurance Sector, it has been designated as the primary body for training and qualification within the insurance sector. Its operations will strictly follow the regulations and procedures laid out in the Unified Insurance Law. The FRA Board’s resolution to establish this Institute and its bylaws will be officially published in the Egyptian Gazette, as well as on the websites of the Institute, the Federation and FRA. The Institute will operate as an independent legal entity under private law and be listed in FRA’s register of assisting bodies.

The Federation’s bylaws are designed to boost cooperation and coordination among insurance companies. This aims to unite their efforts, achieve shared objectives and notably improve efficiency, performance and overall market effectiveness through well-defined standards and policies. The bylaws also crucially mandate protecting member and client privacy via clear controls. Furthermore, they promote the development of the insurance industry and encourage innovation in its products and services. A strong emphasis is placed on complying with international standards to ensure Egyptian insurance companies remain competitive both domestically and globally.

Additionally, the bylaws allow any of the Federation’s bodies, with the chairman’s approval, to hold meetings outside the main headquarters. Members of executive councils and standing technical committees will begin their tenure on the date their respective bodies were formed.