Increase in the minimum share capital of Egyptian insurers

After more than a month of discussions, the Egyptian parliament approved a unified bill on insurance.

The text proposes, to increase the minimum capital of insurers to 250 million EGP (13.5 million USD ). Insurance companies in Egypt should have high capital to meet their financial obligations, especially during this period of inflation.

Under the new regulations, the Financial Regulatory Authority (FRA) must examine any application for authorisation and take a decision within one month. If the application is rejected, the FRA will be required to justify its decision.

The 217-article bill brings together in a single piece of legislation all the rules governing the insurance sector.