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Libyan Ministry of Economy and Trade reforms reinsurance market regulation
via Libya Herald2 min read
Suhail Abu Shiha, the Tripoli-based Libyan Minister of Economy and Trade, issued Decision No. 374 of 2026 to regulate the registration of reinsurance companies, their branches, and representative offices with the Insurance Supervisory Authority. This decision also sets guidelines for interactions among insurance companies in Libya. The Ministry stated that this comprehensive reform addresses a legislative gap of over two decades, establishing clear rules for reinsurance companies dealing with the Libyan market. It links their operations to solvency standards, international credit ratings, and institutional control. The Ministry believes this will enhance the efficiency and financial stability of the insurance sector by setting controls for risk distribution and reducing concentration. This initiative is part of the Ministry's institutional reforms to update economic and financial legislation, aligning Libya's regulatory environment with international standards to boost investor confidence. The decision is expected to improve governance and transparency, protect insured rights, strengthen national insurance companies, and enable the national economy to manage major investment risks.
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This summary was AI-generated from a story originally published by Libya Herald.
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