Insurance and reinsurance brokerage: suspension of licences issuance in Egypt

The Egyptian regulatory authority (FRA)The Egyptian regulatory authority (FRA) suspends the issuance of licences for insurance and reinsurance brokerage companies for 12 months.

The authorities consider that the current number of licensed brokers exceeds the needs of the market. For the record, the first insurance brokerage licence was issued in February 2009.

There are currently 90 brokers on the Egyptian market, including 81 insurance brokerage companies and 9 specialized in reinsurance brokerage.

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