Egypt – Raising insurance capital is compulsory
Monday, 02 06 2017, Category: Insurance and Reinsurance, Country: Egypt
The Egyptian Financial Supervisory Authority is considering the review the regulatory minimum capitals of insurance companies in the context of the proposed draft insurance regulation and supervision law, which is expected to be raised from EGP 180 million to EGP 200 million as a minimum compared to the current minimum level of EGP 120 million that was enforced before the liberalization of the EGP.
Mr. Sherif Samy, chairman of the authority said that the minimum initially suggested when draft law was prepared i.e. EGP 120 million is no longer adequate especially given it was set before the liberalization of the exchange rate. He revealed that the minimum capital will be increased but allowing a transitional period to help companies cope with the increase.
Source: Al Mal News