Egypt: Increase of the minimum share capital of insurance companies

The supervisory authority is now working on the level of minimum share capital required to discharge insurance activities in Egypt. This reflection comes within the framework of a vast review of the insurance code. Minimum share capital is therefore poised to rise from 120 million EGP (6.6 million USD) to 200 million EGP (11 million USD).

According to Sherif Samy, president of the supervisory authority, the minimum amount required of 120 million EGP (6.6 million USD) had been set before the deregulation of the exchange rate of the Egyptian pound which is no longer appropriate today. Insurers will be entitled to a period of transition before complying with the new requirements.

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