Egypt’s FRA sets new rules for foreign reinsurance brokers
ChatGPT said:
Egypt’s Financial Regulatory Authority (FRA) has issued on Wednesday new regulations setting conditions for the registration of non-resident foreign reinsurance brokers, tightening oversight of the sector as part of efforts to safeguard the local insurance market.
Under Board Decision No. 158 of 2025, foreign reinsurance brokers seeking to operate in Egypt must be licensed in their home jurisdictions, maintain capital in line with their financial statements, and have prior experience with highly rated reinsurers. Brokers must also ensure their owners, board members and ultimate beneficiaries are not listed on domestic or international sanctions lists.
The new rules prohibit Egyptian insurers and reinsurers from dealing with brokers not included in the FRA’s approved register. Registration will be valid for three years, renewable if conditions continue to be met.
Brokers are required to disclose full details of reinsurance contracts, commissions and risk distribution, as well as assist local firms in negotiations over claims and disputes. They must also comply with anti-money laundering and counter-terrorism financing regulations.
The FRA said violators could face penalties ranging from warnings to temporary suspension or permanent removal from the register. Companies and brokers already operating in Egypt have six months to comply with the new rules.
Attribution: Amwal Al Ghad English
Subediting: Y.Yasser