On Aug. 6, 2024, EGY FRA published Law 155/2024 in Jul. 10, 2024 official gazette.
In Jan. 2025, EGY FRA issued circular re insurance website licensing, see #239262.
On Jul. 15, EGY GVT said President signed unified insurance law.
EGY GVT President signed Law No. 155 of 2024 regarding the unified insurance law.
EGY PRL House of Representatives previously approved the bill on Apr. 23, 2024.
Key Provisions
Apply to insurance and reinsurance activities, related insurance services, professions.
EGY FRA has jurisdiction to establish, license, supervise, control entities engaged in insurance, reinsurance activities and related insurance services, professions, activities.
Insurance and reinsurance companies shall have a minimum capital of 250 million EGP.
Firms engaged in oil, aviation, energy activities increase their capital by 50 mn EGP.
The law sets 1 billion Egyptian pounds as minimum capital for a reinsurance company.
No company may engage in activity of managing healthcare programmes unless it has obtained a licence from EGY FRA and is listed in a register prepared for this purpose.
Addresses other aspects such as takaful, compulsory branches of insurance, risk-based supervision, divorce insurance, insurance for students at different levels of education.
Enumerated the penalties imposed in the events of violations of this law's provisions.
Repealed Law No. 54/1975, Law No. 10/1981, Law No. 72/2007, articles 747 to 77 of Civil Code promulgated by Law No. 131/1948 and everything contravening Law 155.
Effectiveness
Law is effective the day after its publication in the official gazette.
The insurance companies are granted a one-year grace period to comply with those provisions, while allowing EGY FRA to extend this period by a maximum of three years.
Aug. 2024 EGY FRA Law 155 Publication
On Aug. 6, 2024, EGY FRA published Law 155/2024 in Jul. 10, 2024 official gazette.
In Jan. 2025, EGY FRA issued circular re insurance website licensing, see #239262.
Regulators
EGY FRA; EGY GVT; EGY PRL
Entity Types
Ins
Reference
PR 7/15/2024; PR 4/23/2024; OG 27, Law 155/2024, 7/10/2024;
