FRA Decree 56: EGP 3M Capital, Five-Year Registry for Actuaries

Issues New Regulations for Actuarial Expertise to Bolster  Insurance Sector –  Wednesday 22 April 2026

Home Media Center, Press Releases Issues New Regulations for Actuarial Expertise to Bolster  Insurance Sector –  Wednesday 22 April 2026

Dr. Islam Azzam:

• The decree boosts actuaries’ competency, elevates service quality, and reinforces risk management.
• A five-year renewable expert registry is now established, with a six-month compliance window.
• Clear criteria for firms and individuals, with mandates ensuring reliability and preventing conflicts of interest. ****

FRA Board of Directors chaired by Dr. Islam Azzam, has issued Decree No. 56 of 2026, regulating the registration, practice, and licensing of actuaries and actuarial firms. This move aligns with FRA’s commitment to developing the insurance sector in accordance with the Unified Insurance Law No. 155 of 2024 and bolstering Egypt’s non-banking financial landscape.

Dr. Islam Azzam stated that this decree is a pivotal step in establishing a formal regulatory framework for the actuarial expertise. It aims to elevate professional competency and improve the quality of technical work within the insurance industry. By fostering transparency and market discipline, the decree ensures that actuarial studies and reports are based on precise scientific and professional standards, thereby strengthening risk management for both insurance companies and private insurance funds.

He added that the decree stems from FRA’s commitment to develop the actuarial profession in Egypt, aligning it with international best practices and enhancing sector-wide governance. This, in turn, is expected to improve the efficiency of both technical and financial decision-making processes.

Under the decree, all natural and legal persons engaged in actuarial activities must be licensed by and formally registered with FRA. Furthermore, the decree strictly prohibits insurance companies and private insurance funds from engaging with any non-registered experts to conduct actuarial studies.

Under the new regulations, a five-year renewable registry has been launched for actuaries. To enhance administrative efficiency and support digital transformation, all registrations must now be processed via the designated electronic platform.

The decree sets forth specific requirements for establishing actuarial firms, most notably: they must be incorporated as Egyptian joint-stock companies with a minimum capital of EGP 3 million, as previously mandated. Additionally, shareholders must possess proven expertise in financial, investment, or actuarial fields, and the firm must maintain a qualified executive management team officially listed in FRA registry.

The decree mandates that individual experts possess internationally recognized qualifications, relevant experience, and professional integrity, in addition to passing  FRA’s examinations.

FRA Chairman Dr. Islam Azzam underscored that actuaries must maintain the highest levels of integrity, objectivity, and confidentiality. He emphasized exercising due professional care and strictly avoiding practices that could harm clients, insurers, or the actuarial profession.

Dr. Azzam stressed the importance of preventing conflicts of interest and ensuring that reports are built on documented scientific foundations to guarantee the reliability of actuarial outcomes.

To bolster market confidence, the decree introduces mandatory professional indemnity insurance for experts and firms. These policies issued by licensed Egyptian insurers and scaled to business volume, provide essential stakeholder protection and enhance sector-wide risk management.

The decree establishes a comprehensive regulatory framework for actuaries, encompassing the disclosure of material changes and reporting violations to the Authority. It further empowers FRA to take administrative actions, ranging from suspension to the revocation of registration in cases of serious misconduct.

Actuaries have a six-month grace period to update their data and align their professional status with the new regulatory requirements.

Tags: FRA Chairman, Financial Regulatory Authority (FRA), Insurance Sector, Dr. Islam Azzam, Actuarial Expertise Last modified: April 23, 2026 Comments are closed.