Cairo – Mubasher: The board of the Financial Regulatory Authority (FRA) issued Decree No. 196 of 2024, setting the minimum capital for companies operating in the insurance sector.
Insurance firms shall increase their issued and paid-up capital in two phases over two years to reach EGP 400 million in the first stage, according to the FRA’s statement.
The transaction will take place within one year from the date of the decision's implementation.
In the second phase, the capital will reach EGP 600 million by the end of the second year from the date of the decision's implementation.
Furthermore, the decree also settled a minimum capital for property and liability insurance companies that practice any of the petroleum, aviation or energy insurance sectors at about EGP 400 million.
The value will increase by EGP 50 million for each practised segment. Then, the capital will hike to EGP 600 million within two years of applying the decision.
The minimum capital for micro-insurance companies was set at EGP 40 million, while the minimum capital for reinsurance companies was set at EGP 1 billion.
