Egypt’s market regulator suspends issuing insurance brokerage licences for one year

Egypt’s market regulator, the Financial Regulatory Authority (FRA) has placed a one-year moratorium on issuing licences for insurance and reinsurance brokers.

Chairman Mohamed Omran said that current brokerage activity meets the market’s requirements and that the period will be used to ensure that companies comply with best practices.

“There is no need to increase the number of companies operating in the sector by licensing new companies, as this may harm the industry,” he said.

Auditors will now also be required to be insured for the sum of  100 thousand pounds, or twice their annual fees, whichever is greater, in order to register with the FRA.  Auditors will need to submit the documents within six months of registering.