FRA approves new governance framework for insurance federation

Egypt’s Financial Regulatory Authority (FRA) has approved a new statute for the Insurance Federation of Egypt (IFE), in line with the Unified Insurance Law No. 155 of 2024.

The decision, issued under FRA Board Resolution No. 127 of 2025 and chaired by Mohamed Farid, follows its endorsement by the Federation’s General Assembly on 18 May 2025.

The revised statute updates the Federation’s organisational structure and introduces stricter membership and governance rules. The Board will consist of a Chairperson, Deputy, and 11 members serving four-year terms, renewable once, with a requirement for at least two women among board representatives.

Candidates must have at least 10 years of insurance experience, a prior leadership role, and a clean professional and legal record.

The statute also outlines transparent election and appeal procedures and expands the Federation’s funding sources to include event surpluses, member penalties, and FRA-collected fees.

In addition, it formalises the status of the Egyptian Insurance Institute—renamed the Training and Qualification Institute for the Insurance Sector—as the sector’s official training body, with independent legal personality and registration under the FRA.

The statute aims to unify efforts among insurance companies, raise operational efficiency, protect member and client data, and encourage innovation.

It stresses compliance with international standards to ensure local and global competitiveness. It also allows Federation bodies, with approval, to meet outside headquarters, with terms for councils and committees calculated from their formation date.

Attribution: Amwal Al Ghad English
Subediting: M. S. Salama