Egypt – Regulations excluding companies from reinsurers’ list
Monday, 01 30 2017, Category: Insurance and Reinsurance, Country: Egypt
The Egyptian Financial Supervisory Authority excluded 4 companies from the reinsurers’ list for year 2017 and disallowed transactions with them in new operations.
Mr. Sherif Samy chairman of the authority said that exclusion decision for some reinsurers is related to the controls related to reinsurance conditions and which aim at protecting the market.
The regulations related to reinsurance, which were issued by the Egyptian Financial Supervisory Authority in the end of October 2015 under the decision No 122 of year 2014 stated that the condition is for the reinsurance company to have a rating from one of the top four rating agencies. The level of rating has to be accepted by the authority with a minimum acceptable rating.
Source: Al Mal News