Adoption of the new statute of the Egyptian Insurance Companies Union

The Board of Directors of the Financial Supervisory Authority issued Resolution No. 127 of 2025 to approve the articles of association of the Egyptian Insurance Companies Union, within the framework of implementing the provisions of the Unified Insurance Law No. 155 of 2024. The decision comes after the approval of the General Assembly of the Union held on May 18, 2025 on the draft statute prepared in accordance with the new law, which the authority reviewed and confirmed its full compatibility with the provisions of the law and not violating any of its articles.

The system’s adoption comes within the framework of a package of regulatory decisions issued by the authority with the aim of enhancing the efficiency and competitiveness of the Egyptian insurance sector, because of its important role in protecting assets and mobilizing national savings, in order to support sustainable economic growth.

The new system witnessed a comprehensive update to the organizational structure of the union, amendments to membership conditions and joining procedures, in addition to setting clear criteria for candidacy for the membership of the Board of Directors. The council includes a president, vice -president and 11 members who are elected for a period of four years, renewable once, with the requirement of women to represent a member of at least one of the heads or deputies of the heads of boards of directors or members delegated to member companies.

The conditions for candidacy for the board of directors included that the candidate enjoy good reputation, and that a criminal ruling, disciplinary decision or cancellation of a professional record in matters affecting honesty or honor, unless at least three years pass through the date of the ruling or decision, began in addition to the availability of insurance experience of no less than ten years, and assuming a former leadership position.

The system also defined the procedures and mechanisms of candidacy and appeals, sorting votes, and holding the General Assembly to ensure transparency and integrity. With regard to financial resources, the system created new sources of financing the federation, which included the surpluses of conferences and events, and the proceeds of the penalties imposed on members, in addition to revenues allocated by the authority in favor of the Federation.

It also included modifications to reconcile the conditions of the Egyptian Insurance Institute, by re -named to the Institute of Training and Rehabilitation for the Insurance Sector, and giving him the independent legal personality, while inserting it within the record of the assisting devices of the authority. The system stressed the importance of enhancing cooperation and integration between member companies, raising market efficiency and improving performance quality, while compliance with international standards, and encouraging innovation in insurance products and services.

He also stressed the commitment to privacy controls and the protection of customer data, and to grant the union agencies the authority to hold their meetings outside the Federation’s headquarters with the approval of its president. The adoption of this system reflects the state’s direction towards organizing the insurance industry more effectively, which contributes to achieving a balance between protecting the rights of the insured and enhancing the opportunities for growth and investment in this vital sector.