FRA Issues Circular to Protect Legal Status of Insurance Consulting Experts

Thursday 1 October 2026 12:04

The Financial Regulatory Authority (FRA), headed by Dr. Islam Azzam, issued a circular specifying the requirements and guidelines for adjusting the status of insurance consulting experts registered with the authority prior to the enactment of the Unified Insurance Law No. 155 of 2024.

Ensuring Continued Registration and Supporting Stability

The FRA confirmed the continuation of registration for all insurance consulting experts enrolled on its rosters at the time the law came into effect. This applies without the need to issue a new license or re-register simply due to the passage of the law or its executive regulations, preserving established legal positions and facilitating procedures for existing experts.

Registration Period Calculation and Grace Period

The circular clarified that the five-year registration period officially began on July 11, 2024 (the effective date of the law) and will remain valid until its conclusion. The Authority noted that the expiration of the grace period for adjusting status does not initiate a new registration term, while emphasizing that necessary legal measures will be taken if requirements are not met before the grace period ends.

Experts' Obligations and Professional Liability Insurance

The FRA stressed the necessity for consulting experts to comply with status adjustment requirements under the law and Board Decision No. 25 of 2026. This includes securing a valid professional indemnity insurance policy that meets prescribed regulatory standards, pursuant to Article 133 of the law.

The Role of Consulting Expertise in the Insurance Market

Insurance consulting activities (conducted by individuals or companies) involve providing advice on risk management and evaluation, assessing the assets and liabilities of insurance entities, and preparing expert reports for court proceedings and arbitration tribunals—activities for which the Unified Insurance Law dedicated a specific chapter regulating their practice and allowing the incorporation of specialized companies.