Regulatory Alerts2022-01-01
Decision of the Board of Directors of the Financial Regulatory Authority No. 5 for 2022 Regarding Complete Cancellation of Full-Service License and Deletion of Registration for Al-Awsat and Al-Khalij Insurance Company (Mid Gulf)
The Financial Regulatory Authority’s Board of Directors issued Decision No. 5 for 2022, completely cancelling the full-service license and deleting Al-Awsat and Al-Khalij Insurance Company (Mid Gulf) from its official register following the license expiration on March 31, 2022. The order restricts the company’s disposal of funds and guarantees until Article 67 procedures are fulfilled, while transferring all policyholder obligations to the designated Guarantee Fund. Published in the Egyptian Gazette and on the Authority’s website, this binding directive takes effect the day following its issuance.
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