The Egyptian Financial Supervisory Authority (EFSA) has received a request from Nazhy Ghalioum, former managing director of Al-Sharq Insurance Company, asking for a non-life insurance license to operate one of the public business sector companies.
The company has an authorized capital of EGP 500 million, issued capital of EGP 100 million and paid-up capital of EGP 50 million.
The company’s shareholders have discussed the final feasibility study last week. The company, which will have the name of Al-Sharq Al-Gadid Insurance, will receive an initial approval next month.
EFSA has received two other requests for non-life insurance licenses, but the regulator did not decide whether to give them initial incenses or not. There are about 32 insurance companies in Egypt.
