Egypt's Financial Supervisory Authority, led by Dr. Islam Azzam, has issued a circular regarding the registration of insurance experts who were already registered before the new Insurance Law 155 of 2024 came into effect. The law aims to ensure the stability of their legal status without needing to re-register. The circular outlines the rules and conditions for these experts to align with the new law.
According to the circular, insurance experts who were registered before the new law took effect will remain registered for a period of five years. This period is calculated from the date the new law came into effect on July 11, 2024. The Authority emphasized that the end of the adjustment period does not automatically renew their registration, and their current registration remains valid until its scheduled expiration.
The Financial Supervisory Authority stressed that failure to comply with the new requirements within the specified period will lead to necessary actions or measures in accordance with the new Insurance Law and its executive decisions. However, these actions will not affect the rules governing the duration and renewal of registration, ensuring that the legal status of current registrants is preserved.
The circular also highlights that insurance experts must fulfill new conditions and requirements outlined in the new Insurance Law and decision 25 of 2026. These conditions include obtaining a professional liability insurance policy as stipulated in Article 133 of the new law. This policy aims to provide insurance coverage for risks associated with professional activities.
The new Insurance Law 155 of 2024 includes a specific chapter regulating the activities of insurance experts, requiring them to be registered with the Financial Supervisory Authority. The law also allows for the establishment of companies to practice insurance expertise, expanding the legal framework for the activity and setting more organized rules for service providers.
The activities of insurance experts include providing consultations, managing and evaluating risks, assessing assets and liabilities of insurance and reinsurance companies, and preparing expertise reports for courts and arbitration bodies. The law aims to organize and regulate these activities within the Egyptian insurance market.
By issuing this circular, the Financial Supervisory Authority demonstrates its commitment to ensuring the stability of the legal status of insurance experts registered before the new law, while also aligning their activities with the new regulatory framework. This move is expected to enhance the organization and oversight of the insurance sector in Egypt.
Key points
- Insurance experts registered before the new law will remain registered for five years without needing re-registration.
- Experts must obtain a professional liability insurance policy to comply with the new law.
- The new Insurance Law 155 of 2024 regulates the activities of insurance experts and requires their registration with the Financial Supervisory Authority.
