The FRA is working on amending reinsurance activity guidelines

REGULATION WATCH- Regulator working on amending reinsurance activity rules: The Financial Regulatory Authority (FRA) is working on amendments to the regulations governing reinsurance activity under the Insurance Act, FRA deputy head Reda Abdel Moaty said, according to Hapi Journal. The planned changes are meant to close regulatory loopholes that have left room for exploitation and illicit gains by some reinsurers in the market, according to Abdel Moaty. He did not specify an expected timeline for the market regulator to finalize drafting the amendments. The Insurance Act is currently in the final stages of review in the House of Representatives.