The Financial Regulatory Authority (FRA), chaired by Islam Azzam, has issued Decision No. 54 of 2026, setting out the conditions, rules, and procedures for the registration and practice of risk assessment experts, as well as inspection and loss assessment activities. The move forms part of the authority’s efforts to complete the legislative and supervisory framework governing the insurance sector and to implement the executive regulations of the Unified Insurance Law No. 155 of 2024, which places particular emphasis on insurance professions such as actuaries, insurance consultants, and insurance and reinsurance brokers.
Risk assessment and loss adjustment are among the key insurance professions addressed by the law, through provisions aimed at improving efficiency, aligning the activity with global developments, and regulating professional practices in support of Egypt’s insurance industry.
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. This, he noted, is intended to ensure professional standards and strengthen confidence in the insurance market.
He added that the rules governing the creation of a register of experts—both companies and individuals—include verification of experience, good reputation, successful completion of examinations, and professional competence. This reflects the authority’s recognition of the importance of the profession, as technical reports issued by risk and loss experts form the basis on which insurance companies assess risk levels before issuing policies and estimate damages when claims arise.
Azzam stressed that compliance with FRA regulations will contribute to improving the efficiency of insurance products and safeguarding the rights of policyholders and beneficiaries by promoting fairness and transparency, enhancing the accuracy of compensation assessments, and accelerating settlement procedures.
The decision requires companies engaged in risk assessment and loss adjustment to be established as Egyptian joint-stock companies, with a fully paid-up issued capital of no less than EGP 3m at incorporation, and to limit their activities to this field. This is intended to ensure the presence of institutional entities capable of delivering specialised technical services in line with defined professional standards. It also mandates the formation of boards of directors with relevant expertise to ensure efficient operations and strengthen governance.
The decision further regulates the registration of individual experts in a dedicated register maintained by the FRA, with renewal required every five years. It sets professional and technical eligibility criteria, including that applicants must not have been subject to a final conviction for a felony or misdemeanour involving dishonesty or breach of trust in relation to companies or non-banking financial activities, nor declared bankrupt unless rehabilitated within the five years preceding the application. Applicants must also pass professional examinations and approved training programmes to ensure the development of a qualified pool of experts capable of supporting the insurance sector with high-quality technical services.
In addition, experts are required to obtain professional indemnity insurance policies, providing protection for clients in the event of professional errors and reflecting the authority’s commitment to balancing market development with consumer protection.
The decision also sets out a comprehensive code of professional conduct, including adherence to principles of integrity, impartiality, and independence, the avoidance of conflicts of interest, and proper documentation of the information underpinning risk assessment and loss evaluation reports, ensuring that technical outputs are based on objective and sound methodologies.
As part of the FRA’s broader push towards digital transformation in regulating non-banking financial activities, the decision requires experts to register on a dedicated electronic platform for the registration, renewal, re-registration, and amendment of data for insurance professionals, enhancing transparency and facilitating supervisory processes.
The FRA may, in cases of non-compliance, impose administrative measures ranging from warnings to removal from the register in instances of fraud, gross negligence, or misrepresentation of material information.
The decision also grants currently registered experts a six-month grace period to regularise their status and update their data, ensuring business continuity within the sector.
The FRA has recently issued a series of regulatory decisions covering insurance-related professions, including Decision No. 158 of 2025 on non-resident foreign reinsurance brokers, Decision No. 25 of 2026 on insurance consultancy experts, and Decision No. 56 of 2026 on actuarial experts, as part of its ongoing efforts to strengthen the legislative and supervisory framework for the sector and deepen the market.
