Financial Regulatory Authority (FRA), chaired by Dr. Islam Azzam, has issued a circular for current advisory insurance experts on how to comply with the Unified Insurance Law No. 155 of 2024.<\/p>\n
The circular clarifies that experts already registered with FRA do not need a new license or registration following the new law. Instead, their standard five-year registration period simply runs its course from the law’s effective date of July 11, 2024.<\/p>\n
This measure aims to safeguard legal continuity and facilitate procedures for advisory insurance experts already registered with the Authority.<\/p>\n
The circular clarifies that the expiration of the status-rectification grace period does not trigger a new registration term or an automatic renewal. Existing registrations will remain valid until their original conclusion date, calculated from the law\u2019s effective date. However, failure to meet the prescribed requirements by the deadline will prompt regulatory and legal action by the Authority, subject to existing provisions governing registration terms and renewals.<\/p>\n
Simultaneously, the circular emphasized that advisory experts must comply and fulfill the new conditions and requirements introduced by the Unified Insurance Law and FRA Board of Directors Decision No. 25 of 2026\u2014issued last February regarding registration rules, conditions, procedures and activity practice\u2014within the designated grace period.<\/p>\n
Experts are also mandated to secure a professional indemnity insurance policy in compliance with Article 133 of the law and to submit a valid, compliant copy to the Authority.<\/p>\n
Insurance advisory expertise covers specialized professional consulting provided by individuals or firms\u2014spanning risk management and assessment, valuing assets and liabilities for insurers and reinsurers, evaluating rights between policyholders and insurer and preparing expert reports for courts and arbitral tribunals. The Unified Insurance Law features a dedicated chapter on introducing key regulations such as mandatory FRA registration and permitting the establishment of specialized consulting firms.<\/p>\n","protected":false},"author":124,"featured_media":24401184,"parent":0,"template":"","format":"standard","categories":[144],"tags":[3813,5074,5816],"fra_news_taxonomy":[],"news_paper_taxonomy":[],"class_list":["post-25626948","fra_news","type-fra_news","status-publish","format-standard","has-post-thumbnail","hentry","category-press-releases","tag-unified-insurance-law","tag-dr-islam-azzam-fra-chairman","tag-registered-advisory-insurance-experts"],"_links":{"self":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/fra_news\/25626948","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\/24401184"}],"wp:attachment":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/media?parent=25626948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/categories?post=25626948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/tags?post=25626948"},{"taxonomy":"fra_news_taxonomy","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/fra_news_taxonomy?post=25626948"},{"taxonomy":"news_paper_taxonomy","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/news_paper_taxonomy?post=25626948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}