Egypt’s FRA finalizes new Insurance Act
Thursday, 06 20 2019, Category: Insurance and Reinsurance, Country: Egypt
Small amendments to capital requirements in latest draft of proposed Insurance Act: The Financial Regulatory Authority (FRA) has largely kept minimum capital requirements for property and life insurance companies unchanged in the final draft of the new Insurance Act, sources told Al Mal. The minimum for life and property insurance companies remained at EGP 150 mn, unchanged from an earlier draft which leaked in January.
The latest draft reverses an article that banned any insurance company shareholder from acting as chairman or CEO. This draft will restrict the position to only shareholders in non-listed businesses insurance companies. The latest draft also mandates that a minimum of two board members must work in the industry, down from three previously.
Source: Enterprise Press