Egypt – Capital of ins. companies to be related to risk
Monday, 10 22 2018, Category: Insurance and Reinsurance, Country: Egypt
In a great surprise, the Egyptian Financial Regulatory Authority considers linking the capital of insurance companies to underwritten risks in the new law especially in property and liability insurance, so it will affect all lines and not just “Oil” and “Aviation”
The Insurance supervision and regulation law No 10 of year 1981, which has been amended by law No 118 of year 2008 raised the minimum capital to EGP 60 million and half of it should be paid-up.
However, the Authority enforced a minimum capital of EGP 100 million for companies underwriting “Oil” and “Aviation” risks.
Source: Al Mal News