CAIRO – Egyptian President Abdel Fattah El Sisi signed Monday Law No. 155 of 2024 issuing the Unified Insurance Law.
The provisions of the law and its attached law apply to insurance and reinsurance activities, as well as related insurance services, professions and activities.
The Egyptian Financial Supervisory Authority (EFSA) is the only body authorized to issue jurisdiction to establish, license, supervise and control entities operating insurance and reinsurance activities and their related insurance services, professions and activities.
Law No. 54 of Year 1975 issuing the Private Insurance Funds Law, Law No. 10 of Year 1981 issuing the Insurance Supervision and Control Law in Egypt and Law No. 72 of Year 2007 shall be repealed, as per promulgating the Compulsory Insurance Law for civil liability arising from accidents of rapid transit vehicles within the Arab Republic of Egypt and Articles (747) to (77) of the Civil Code promulgated by Law No. 131 of the Year 1948 and every provision that contravenes the provisions of this law and its attached law shall be cancelled.
The decision was published in the official gazette.
