Financial Control Authority: Extends the restructuring period under the unified insurance law by one year
Cairo – Nadeh Imam: The Board of Directors of the General Authority for Financial Supervision (GAFS), chaired by Dr. Islam Azam, issued a decision extending the deadline for companies and entities operating in the insurance sector to align their operations with the Unified Insurance Law No. (155) of 2024 by an additional year, ending on July 11, 2027.
This extension is the final one under Article 7 of the Law, which granted all entities subject to its provisions a one-year period to regularize their status, and authorized the GAFS Board of Directors to extend the deadline for other periods, with a maximum total extension of three years from the law’s effective date of July 11, 2024.
This extension does not apply to other deadlines and timeframes specified by the regulatory decisions of the GAFS Board of Directors for aligning operations in specific insurance areas, which involve multiple conditions.
Dr. Islam Azam, Chairman of the Authority, stated that Decision No. (145) of 2026 aims to facilitate operations for all companies, establishments, and professionals in the insurance sector, in light of the conditions observed by the Authority among entities subject to the new legislative and regulatory framework for the sector. He noted that fulfilling all stipulated conditions and requirements necessitates granting a new final extension, in accordance with the legislative text and the discretionary powers granted to the Authority.
He emphasized that developing the insurance sector across all its activities is among the Authority’s priorities. The Authority consistently strives to provide a conducive environment for the sector’s growth and to enhance its contribution to the national economy by improving the efficiency of new insurance products and increasing their attractiveness through innovation and digital solutions, thereby ensuring alignment with citizens’ needs and expanding the beneficiary base.
The Chairman of the Authority confirmed the continuation of efforts to complete the series of regulatory decisions for the insurance sector, which exceeded 80 decisions over two years up to July 2026. The latest decisions include Chairman Decision No. (2036) of 2026 regulating risk management standards in underwriting for individual insurance operations; Chairman Decision No. (2044) of 2026 setting out controls for notifying the Authority about standard and non-standard contract data in group insurance to facilitate their issuance; and Board of Directors Decision No. (98) of 2026 concerning the regulatory standards for reinsurance.
