Egypt Insurance Industry – Governance, Risk and Compliance
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Egypt Insurance Industry Regulation Overview
The Egyptian Financial Regulatory Authority (FRA) acts as the regulator of the Egypt insurance industry while the International Association of Insurance Supervisors (IAIS) and Insurance Federation of Egypt (IFE) act as the other supervisors. The Egypt Insurance Industry governance regulation report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation, and transit insurance. The report specifies various requirements for establishing and operating insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.
Key Regulators | · Egyptian Financial Regulatory Authority (FRA)
· International Association of Insurance Supervisors (IAIS) · Insurance Federation of Egypt (IFE) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Egypt Insurance Industry – Key Regulators and Legislation
Egyptian Financial Regulatory Authority (FRA): The FRA is a public authority having a legal status, established in accordance with Law 10 of 2009 to regulate the Egyptian insurance industry. Its functions include taking necessary measures to limit market manipulation and fraud, protecting the rights of insurance policyholders, beneficiaries, and third parties, and participating in developing insurance awareness in the country.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization that represents insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
The key piece of legislation governing the Egypt insurance industry is:
- Insurance Law 1981
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Egypt Insurance Industry - Compulsory Insurance
Some of the key compulsory insurances required within the Egypt insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Egypt Insurance Industry Analysis by Compulsory Insurances
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Egypt Insurance Industry - Company Registration and Operation
A license is required to operate in the Egypt insurance industry. Insurers and reinsurers must mandatorily obtain a license to operate in the country. Additionally, Insurance intermediary agents are required to register as corporate agents or individual agents with FRA to operate in the market.
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Egypt Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Egypt. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: For tax purposes, a company is considered a resident if it is registered according to Egyptian Law, its head office is in Egypt, or a state or a public juridical person holds more than 50% of capital in the company. Such resident companies are taxed on their worldwide income, while non-resident companies are taxed only on income sourced from Egypt.
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Scope
This report provides:
- Details of the insurance regulatory framework in Egypt
- Details of the rules and regulations governing insurance products and insurance entities
- Lists and analysis of key trends and developments pertaining to the country’s insurance regulatory framework
- Analysis of the rules and regulations pertaining to the establishment and operation of insurance businesses in the country
- Details of the taxation imposed on insurance products and insurance companies
Key Highlights
- The Egyptian insurance industry is regulated by FRA.
- Motor third-party liability insurance and aviation third-party liability insurance are compulsory in Egypt.
- Composite insurance is not permitted in Egypt.
- Non-admitted insurance is not permitted in Egypt with a few exceptions
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Egypt.
- Track the latest regulatory changes and expected changes impacting the Egyptian insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
Table of Contents
Table
Frequently asked questions
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Which is the key regulator of the Egypt insurance industry?
The Egyptian Financial Regulatory Authority (FRA) is the key regulator of the Egypt insurance industry.
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Which other bodies oversee the Egypt insurance industry?
The International Association of Insurance Supervisors (IAIS) and the Insurance Federation of Egypt (IFE) oversee the Egypt insurance industry.
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Which are the compulsory insurances required within the Egypt insurance industry?
Some of the key compulsory insurances required within the Egypt insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
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What are the types of taxes imposed upon the Egypt insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Egypt. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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