Three new-comers to insurance intermediary licensed by EFSA

Thursday 09 August 2018 08:07 PM


By Maher Abu El-Fadl
Egyptian Financial Supervisory Authority has finally licensed the three intermediary insurance companies of Anadel For Insurance Brokerage, Milvik Egypt Insurance Broker and Believe For Reinsurance Brokerage.
The issued capital of each intermediary amounts to EGP2mln, half of which is paid up in pursuance with supervision and control rules included in law No. 10, year 1981 as well as its amendments at law No. 118, 2008, according to a prominent insurance official.
With the advent of the three new players, number of insurance intermediaries jumps to 74 since legislative amendments were introduced into the supervision and control law.
 Owing to failure to achieve targets or to settle disputes with shareholders, seven intermediaries have been cancelled since the issuance of the latest legislative amendments. The standing of two intermediaries are studied currently by EFSA in order to see whether they deserve to be cancelled or re-adjusted.
On the same vein, EFSA granted the new-comers  a 6-month grace period starting from the date of obtaining the license. Should the companies be no longer in the grace period, the license becomes null and void in pursuance with EFSA's decree No. 53 year 2018 issued late April.