Egypt's Financial Regulatory Authority (FRA) has issued Decision No. 54 of 2026, outlining conditions and procedures for registering and practicing risk assessment and loss inspection experts. The decision completes the legislative framework for the insurance sector under the Unified Insurance Law No. 155 of 2024. FRA chair Islam Azzam stated it ensures professional standards and bolsters market confidence.
The Financial Regulatory Authority (FRA), chaired by Islam Azzam, issued Decision No. 54 of 2026 to regulate the registration and practice of risk assessment experts and loss inspection activities. Companies must be Egyptian joint-stock entities with at least EGP 3 million in fully paid-up capital, limited to these fields, and feature boards with relevant expertise.
Individual experts register on an FRA-maintained list, renewable every five years. Requirements include no final convictions for felonies or misdemeanours involving dishonesty, passing professional exams and training, and holding professional indemnity insurance.
Azzam said: "The new decision completes the regulatory framework for risk assessment and loss adjustment activities, establishing clear conditions and procedures for the incorporation of companies, as well as rules for registering individuals seeking to practise the profession."
The decision mandates a code of conduct emphasising integrity, impartiality, and conflict avoidance, with registration via an electronic platform. Currently registered experts receive a six-month grace period to update data, while non-compliance risks warnings or removal.
This follows recent FRA decisions on insurance consultants, actuaries, and foreign reinsurance brokers to strengthen the insurance sector's framework.