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Mar 2017 Egyptian Financial Regulatory Authority (FRA) have withdrawn four reinsurers from the list of the companies authorized to carry out reinsurance operations in Egypt, a decision that came into effect as of 1st January 2017.
The rule set in 2014 by decree number 122, requires that reinsurers keen on conducting business in the country be holders of a rating granted by one of the four major agencies. An acceptable rating level for the supervisory authority is required to invest in Egyptian reinsurance business.
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