Dr. Islam Azzam, Chairman of the Financial Regulatory Authority (FRA):

  • Circular No. (8) of 2026 is the result of community dialogue with insurance companies, and allows the use of templates approved by the Insurance Federation of Egypt without a separate approval for each company

  • From now on, no separate approval is needed for each company for insurance policy templates approved by the Federation, making things easier for companies

As part of the Financial Regulatory Authority's ongoing efforts to simplify procedures and develop its supervisory mechanisms, the authority has decided to restructure the documentation cycle of its Central Department for Insurance Product Approval.

The move responds to the outcomes of the community dialogue the authority held with insurance companies operating in the Egyptian market. It aims to simplify insurance product approval procedures and make them faster and more efficient, while maintaining the necessary supervisory controls and protecting policyholders' rights.

Dr. Islam Azzam, the FRA's chairman, issued Circular No. (8) of 2026 regulating the procedures for using standard insurance policy templates approved by the authority, as part of its strategy to facilitate transactions, simplify procedures and improve the efficiency of the environment for non-banking financial activities.

The regulatory measure aims to ease the procedural burden on insurance companies by allowing them to use the property and liability insurance policy templates provided by the Insurance Federation of Egypt and approved by the authority, without each company having to obtain a separate approval for the same template, provided it adheres fully to the approved template. Life (personal) insurance and capital formation policies are excluded from the scope of this regulation.

Under the new rules, companies may use the approved template after notifying the authority in advance and attaching a declaration signed by the company's legal representative committing to full compliance with the template and its approved terms. Use begins on the later of the date the notification reaches the authority and the specified start date, with no need to wait for further approval from the authority.

At the same time, the circular stresses that companies are responsible for the accuracy of their declarations and for ensuring the policies they issue match the approved templates. They must notify the authority and obtain its approval before applying any addition, deletion or amendment to the templates or their terms, in accordance with the Unified Insurance Law No. (155) of 2024.

Dr. Islam Azzam, Chairman of the Financial Regulatory Authority, stressed that the authority's role balances easing procedures for companies with supervising their compliance with the rules governing the activity, to ensure the protection of policyholders' rights.

In this spirit, the authority is developing regulatory frameworks to make the activity more efficient while safeguarding the rights of clients and strengthening confidence in the insurance market.

As part of implementing the integrated strategy to develop the product approval process, supervision of the department has been assigned to Ms. Abeer Helmy Saleh, Advisor to the FRA Chairman for Insurance Affairs, in addition to her current duties. She is assisted by two specialists at general manager level: Dr. Noha Mohamed, responsible for approving property and liability insurance products, and Dr. Walid Fathy, responsible for approving life insurance and capital formation products.

The authority is currently studying non-pooled marine insurance terms to set out a regulatory basis for dealing with them that allows the greatest possible flexibility in the insurance market, without compromising client protection, market readiness and the transparency and integrity this requires.

The authority stressed that the circular's effect is limited to the approval of templates and their terms, and does not affect companies' obligations regarding pricing or electronic issuance requirements, nor the authority's powers to review, supervise and take legally prescribed action.