ACAPS signs a memorandum of understanding with the Financial Regulatory Authority of Egypt

The Supervisory Authority of Insurance and Social Welfare (ACAPS) proceeded, this Thursday, October 20, 2022 in Marrakech, to the signing of a memorandum of understanding with the Financial Regulatory Authority of Egypt (FRA) in the field of supervision and control of the insurance sector.

This agreement was signed, respectively, by Mr. Othman Khalil El Alamy, Acting President of ACAPS and Mr. Mohamed Farid Saleh, President of the FRA.

Note that this agreement aims to strengthen coordination between the two authorities and aims to develop the exchange of experience and expertise between the two institutions and to reinforce bilateral cooperation, especially in terms of strengthening skills and harmonizing legislation with international standards.

The two sides also intend to foster mutual support in research and consulting to promote best practices and to develop the insurance sector.

About the FRA

The Financial Regulatory Authority of Egypt is a public authority responsible for supervising and regulating non-bank financial markets and instruments, including the capital market, the stock market and all activities related to insurance services, mortgage financing, etc. Its mission, among others, is to regulate the market and ensure its stability and competitiveness in order to attract more local and foreign investments, in order to achieve a balance of customer rights in the non-banking financial markets, and to issue rules that ensure the efficiency and transparency of the activities of the sectors it regulates.