FINANCIAL REGULATORY AUTHORITY

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Chairman of the Authority

Decision of the Board of Directors of the Financial Regulatory Authority

No. (5) for 2022 dated 2022/1/2
Regarding the Complete Cancellation of the Full-Service License for Al-Awsat and Al-Khalij Insurance Company (Mid Gulf)
and Deletion of its Registration from the Authority's Register of Insurance and Reinsurance Companies

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Board of Directors of the Financial Regulatory Authority

Having reviewed Law No. 10 of 1981 on the issuance of the Supervision and Control of Insurance Law in Egypt;
Having reviewed Law No. 159 of 1981 on the issuance of the Law for Joint Stock Companies, Commandite by Shares Companies, Limited Liability Companies, and One-Person Companies;
Having reviewed Law No. 10 of 2009 on regulating supervision over non-banking financial markets and instruments;
Having reviewed the Prime Minister's Decision No. (2734) of 2018 on issuing the Bylaws for the Policyholders and Beneficiaries Guarantee Fund at insurance companies;
Having reviewed the Authority's Decision No. (1018) dated 2016/11/30 on registering Al-Awsat and Al-Khalij Insurance Company in the Authority's Register of Insurance and Reinsurance Companies;
Having reviewed the Board of Directors' Decision No. (174) for 2019 dated 2019/1/30;
Having reviewed the memorandum prepared by the Central Administration for Supervision and Control of Insurance Companies on this matter; and in application of Article (67) of Law No. 10 of 1981;
And in light of the expiration of the license granted to the Company on 2022/3/31 pursuant to the Board of Directors' Decision No. (5) for 2022 at its meeting held on 2022/1/2.

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Has Decided

(Article One)

The license granted to Al-Awsat and Al-Khalij Insurance Company (Mid Gulf) for full-service operations is hereby cancelled, and its registration is deleted from the Authority's Register of Insurance and Reinsurance Companies.
The Company shall not dispose of its funds, nor the guarantees provided by it, except after following the procedures stipulated in Article (67) of the aforementioned Supervision and Control of Insurance Law in Egypt.

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(Article Two)

The Company's obligations to its policyholders are transferred to the Policyholders and Beneficiaries Guarantee Fund at insurance companies, established pursuant to the Supervision and Control of Insurance Law in Egypt.

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(Article Three)

This Decision shall be published in the Egyptian Gazette and on the Authority's official website, and shall take effect from the day following its issuance date. Competent authorities are tasked with its implementation.

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Chairman of the Board of Directors
Dr. Mohamed Omran

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Financial Regulatory Authority
Office of the Chairman

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Smart Village, Building 137, Giza, Egypt
Postal Code: 110
Telephone: +20235345750
Fax: +20235370036
WWW.FRA.GOV.EG

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