{"id":659074,"date":"2025-01-21T00:00:00","date_gmt":"2025-01-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/21\/minimum-capital-requirements-for-ins-companies-raised-in-response-to-deprecating-egp\/"},"modified":"2025-01-21T00:00:00","modified_gmt":"2025-01-21T00:00:00","slug":"minimum-capital-requirements-for-ins-companies-raised-in-response-to-deprecating-egp","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/21\/minimum-capital-requirements-for-ins-companies-raised-in-response-to-deprecating-egp\/","title":{"rendered":"Minimum capital requirements for ins. companies raised in response to deprecating EGP"},"content":{"rendered":"

FRA sets new capital requirements for ins. companies:<\/strong> The Financial Regulatory Authority (FRA) has issued a decision setting new increased minimum capital requirements for companies operating in the ins. sector, in line with the Unified Ins. Law ratified last year, according to a FRA statement<\/a>. The move was primarily spurred on by the depreciation of the EGP as the FRA seeks to ensure that ins. companies can maintain financial solvency to serve their customers fully, Ins. Federation of Egypt Chairman Alaa El Zoheiry told EnterpriseAM.<\/p>\n

Remember:<\/strong> President Abdel Fattah El Sisi ratified the Unified Ins. Law last July<\/a>, with the legislation offering up new, comprehensive rules for regulating the ins. industry, widening compulsory coverage, and boosting the financial solvency of ins. Firms.<\/p>\n

Two-phase capital increase required:<\/strong> The new decision mandates ins. companies raise their minimum issued and paid-up capital over two years, reaching EGP 400 mn in the first phase within one year after the decision takes effect, then increasing to EGP 600 mn by the end of the second year.<\/p>\n

Special requirements for property and liability ins. firms:<\/strong> General and property ins. providers or firms operating in oil, aviation, or energy ins. must raise their minimum capital to EGP 400 mn in the first phase, with an additional EGP 50 mn required for each specialized branch they operate. The capital requirement will then increase to EGP 600 mn by the end of the second year, maintaining the EGP 50 mn add-on requirement for each specialized branch.<\/p>\n

Different requirements for specialized ins. companies:<\/strong> Microinsurance companies must maintain a minimum capital of EGP 40 mn under the new legislation, while specialized single-branch ins. companies and specialized medical ins. firms must have a minimum capital of EGP 75 mn. Reinsurance companies must have capital of EGP 1 bn.<\/p>\n

Ins.-related service providers get new caps:<\/strong> The decision extends to companies providing ins.-related services, setting the minimum capital for medical ins. program management companies at EGP 20 mn and ins. and reinsurance brokerage firms at EGP 5 mn. Risk assessment firms, damage assessment companies, ins. consulting firms, and actuarial companies must each maintain a minimum capital of EGP 3 mn.<\/p>\n

A significant hike from July\u2019s requirements:<\/strong> The new decision marks a substantial increase from the capital requirements set out in the original Unified Ins. Law ratified in July, which had set the minimum capital at EGP 250 mn for ins. companies with an additional EGP 50 mn for those providing specialized services in oil, aviation, or energy ins. The new requirements more than double the original figure, requiring at least EGP 600 mn in capital by the end of the two-year implementation period.<\/p>\n

Implementation guidelines:<\/strong> Companies must pay their capital in full either in EGP or its equivalent in FX. The FRA is requiring all companies to submit a timeline within one month detailing their capital increase phases. The decision also prohibits companies from distributing cash dividends to shareholders before meeting the new capital requirements, unless they receive explicit approval from the FRA.<\/p>\n

But<\/strong> will<\/strong> ins. companies be able to adapt to the new capital requirements?<\/strong> Ins. companies operating in the market have the financial solvency to meet the new capital limits, and the FRA has given companies two years to adjust their conditions, \u201cwhich is sufficient for most companies,\u201d El Zoheiry told EnterpriseAM. It is expected that 90% of insurance companies will meet the new minimum issued and paid-up capital, according to El Zoheiry.<\/p>\n","protected":false},"excerpt":{"rendered":"

The new capital requirements for insurance firms take paid-up and issued capital to EGP 600 mn within two years<\/p>\n","protected":false},"author":1,"featured_media":659075,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8313],"tags":[72,76,503,180,703],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-659074","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","tag-enterpriseam","tag-financial-regulatory-authority","tag-financial-services","tag-legislation","tag-unified-insurance-act","wpautop","entry"],"acf":{"mongo_id":"dbde55a2-81a1-4b8b-91fb-32992892b3e5","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/1019.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Financial Regulatory Authority raises minimum capital requirements for ins. companies in response to weakening EGP","related_issue":[659064],"teaser":"The new capital requirements for insurance firms take paid-up and issued capital to EGP 600 mn within two years","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/1\/.e7925460-3bbf-46ab-9bfe-b6106851f5e6.mp3"},"yoast_head":"\nMinimum capital requirements for ins. companies raised in response to deprecating EGP - 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Once passed in the House, the law \u2014 which has been more than three years in the making \u2014 will grant the Financial Regulatory Authority (FRA) broad new powers to regulate the sector and mandates economic courts with\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/209.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":660471,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/02\/12\/fra-revises-guidelines-governing-ins-firms-investments\/","url_meta":{"origin":659074,"position":2},"title":"FRA revises guidelines governing ins. firms\u2019 investments","author":"enterpriseam admin","date":"12 February 2025","format":false,"excerpt":"New rules introduce new investment requirements for ins. and reins. players","rel":"","context":"In "REGULATION WATCH"","block_context":{"text":"REGULATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1019.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599694,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/08\/draft-insurance-act-details-leaked\/","url_meta":{"origin":659074,"position":3},"title":"Draft Insurance Act details leaked","author":"enterpriseam admin","date":"8 January 2019","format":false,"excerpt":"LEGISLATION WATCH- Insurance Act to substantially increase minimum capital requirement for insurance companies: The new Insurance Act would raise the minimum requirement for the issued and paid-in capital of life and property insurance companies by 150% to EGP 150 mn, according to details of the law that leaked on Sunday,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/232.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578913,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/new-fra-regulations-aim-to-help-insulate-ins-companies-from-credit-risk-of-borrowers\/","url_meta":{"origin":659074,"position":4},"title":"New FRA regulations aim to help insulate ins. companies from credit risk of borrowers","author":"enterpriseam admin","date":"18 January 2023","format":false,"excerpt":"FRA hands down new regulations controlling ins. against credit risks: The Financial Regulatory Authority (FRA) has issued new regulations designed to mitigate credit risk for ins. companies, it said in a statement on Monday. The amendments aim to encourage lenders to run background checks on borrowers before granting them loans\u2026","rel":"","context":"In "REGULATION WATCH"","block_context":{"text":"REGULATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/302.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":554284,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/28\/ins-act-could-see-the-light-by-mid-2022\/","url_meta":{"origin":659074,"position":5},"title":"Ins. Act could see the light by mid-2022","author":"enterpriseam admin","date":"28 December 2021","format":false,"excerpt":"The new Ins. Act could be passed by the House of Representatives and become the law of the land by the end of 2Q2022, Al Shorouk reports Financial Regulatory Authority (FRA) boss Mohamed Omran as having said. Last we heard, the legislation was with the House Economic Committee after receiving\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/659074","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=659074"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/659074\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/659064"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/659075"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=659074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=659074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=659074"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=659074"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=659074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}