FRA Board of Directors chaired by Dr. Islam Azzam, has issued a Resolution extending the compliance deadline for companies and entities operating in the insurance sector to align their status with Unified Insurance Law No. 155 of 2024 for an additional year, ending on July 11, 2027.<\/p>\n
This represents the final compliance extension allowed under Article 7 of the Law. The provision initially granted regulated entities a one-year grace period starting from the law’s effective date on July 11, 2024, while empowering FRA Board of Directors to extend this timeline for additional periods up to a maximum of three years.<\/p>\n
This grace period does not apply to other specific deadlines established by FRA Board of Directors\u2019 resolutions for compliance in targeted insurance areas with multi-tiered requirements.<\/p>\n
Dr. Islam Azzam, FRA Chairman stated that Resolution No. 145 of 2026 aims to provide flexibility for all insurance companies, establishments and professionals. He noted that after evaluating market feedback and operational circumstances surrounding the sector’s new legislative and regulatory framework, fulfilling all statutory requirements warranted utilizing the Authority’s discretionary power to grant this final extension.<\/p>\n
FRA Chairman highlighted that developing all segments of the insurance sector remains a top priority for FRA. He emphasized the Authority\u2019s commitment to foster a conducive environment that promotes industry growth and strengthens its contribution to the national economy. This is being achieved by driving innovation, deploying digital solutions, elevating product efficiency and broadening the beneficiary base to meet evolving consumer needs.<\/p>\n
Furthermore, Dr. Islam Azzam emphasized that FRA is actively finalizing the insurance sector’s regulatory framework, having introduced more than 80 regulatory decisions over the two-year period ending in July 2026.<\/p>\n
Recent key regulatory actions include Resolution No. 2036 of 2026 establishing risk management standards for individual insurance underwriting. In addition to Resolution No. 2044 of 2026 setting \u00a0rules for reporting standard and non-standard group insurance policy data to facilitate issuance and Resolution No. 98 of 2026 defining regulatory standards for reinsurance operations.<\/p>\n","protected":false},"author":124,"featured_media":24156636,"parent":0,"template":"","format":"standard","categories":[144,142],"tags":[3689,3807,3791,3813,4850,5074],"fra_news_taxonomy":[2137,2138],"news_paper_taxonomy":[],"class_list":["post-24532857","fra_news","type-fra_news","status-publish","format-standard","has-post-thumbnail","hentry","category-press-releases","category-media-center","tag-----en","tag----en","tag-financial-regulatory-authority-fra","tag-unified-insurance-law","tag------en","tag-dr-islam-azzam-fra-chairman","fra_news_taxonomy---en","fra_news_taxonomy-----en"],"_links":{"self":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/fra_news\/24532857","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/fra_news"}],"about":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/types\/fra_news"}],"author":[{"embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/users\/124"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/media\/24156636"}],"wp:attachment":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/media?parent=24532857"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/categories?post=24532857"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/tags?post=24532857"},{"taxonomy":"fra_news_taxonomy","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/fra_news_taxonomy?post=24532857"},{"taxonomy":"news_paper_taxonomy","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/news_paper_taxonomy?post=24532857"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}