Egyptian Financial Supervisory Council removes Section One requirement for insurance accountants
The Egyptian Financial Supervisory Council's board has authorized insurance companies to appoint accountants registered in either Section One, Section Two A, or Section B of the official register.
The General Authority for Financial Supervision issued a resolution allowing professional insurance firms to use accountants registered in any two of three specific categories within its accountants register. Previously, the registry required accountants to be listed only under Category One. The new decision permits practitioners in Categories Two A and Two B to serve in this role alongside those in Category One. This rule change applies to companies engaged in insurance brokerage, reinsurance brokerage, insurance consulting, and risk assessment, inspection, and damage estimation services. Dr. Islam El-Zanooqy, the head of the authority, stated that the amendment reflects practical realities to ease operational requirements for these firms.
