Financial Regulatory Authority (FRA)

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Decision No. 467 of 2023

Issued on 11/6/2023

Regarding the Reconstitution of the Committee for Approving Insurance Products

Chairman of the Financial Regulatory Authority Having reviewed the Law on Supervision and Control of Insurance in Egypt issued by Law No. 10 of 1981 and its executive regulations, and its amendments; And the Law on Regulating Supervision over Non-Banking Financial Markets and Instruments issued by Law No. 10 of 2009; And the Presidential Decision No. 192 of 2009 issuing the Basic System of the Financial Regulatory Authority; And the FRA Chairman's Decision No. 285 of 2019 regarding the establishment of the Committee for Approving Insurance Products; And the FRA Chairman's Decision No. 1550 of 2022 regarding the reconstitution of the Committee for Approving Insurance Products; And the FRA Chairman's Decision No. (1528) of 2022 regarding the determination of the competencies of Dr. the Chairman, Deputy Chairmen, and Assistants,

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It has been decided

Article One

To reconstitute the Committee for Approving Insurance Products, chaired by Dr. Islam Azzam – Deputy Chairman of the Authority, and comprising:

• Mr./Adv. Reda Abdel Moeity Senior Advisor to the Chairman (Deputy Committee Chair)

• Dr./Adel Mohamed Hussein Head of the Central Administration for Supervision and Control of Insurance Companies.

• Dr./Mahmoud Samaha Head of the Central Administration for Supervision and Control of Private Insurance Funds.

• Mr./Khaled Tahamy Head of the Central Administration for Reinsurance.

• Mr./Hatim Mohamed Nour El-Din Head of the Central Administration for Company Establishment and Licensing.

• Mr./Osama Bayoumi Supervisor of the Central Administration for Insurance Products Approval.

• Mr./Ahmed Yasser Kamel Supervisor of the General Administration for Actuarial Expertise.

The Technical Secretariat duties are performed by Mr. Noha Mahmoud – General Manager for Micro Insurance Products Approval.

The Committee may, in performing its duties, utilize the services of any person it deems appropriate from within the Authority, without such person having a voting right in decision-making.

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Article Two

The Committee considers matters referred to it by the Chairman or his Deputy, specifically:

1. Deciding on applications for approving insurance products for life and capital accumulation operations.
2. Deciding on applications for approving insurance products for property and liability operations.
3. Deciding on applications for approving micro-insurance products.
4. Deciding on the approval of marketing contracts for banking insurance products.
5. Deciding on the approval of meeting minutes of specialized committees at the Egyptian Insurance Union.
6. Developing the general strategy for launching products in the Egyptian insurance market.
7. Any other matters referred to it.

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Article Three

The Committee for Approving Insurance Products shall convene at least once every two weeks, unless circumstances dictate otherwise. The Committee performs its assigned duties, and the agenda and discussed topics are prepared at least one day prior to each session. The minutes of the Committee's meetings are approved by the Deputy Chairman of the Authority.

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Article Four

The application of FRA Chairman's Decision No. (1550) of 2022 mentioned above is hereby repealed, as well as any decision contradicting it.

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Article Five

This Decision shall take effect from the date of its issuance, and competent authorities are tasked with implementing it according to their respective jurisdictions.

Chairman of the Board of Directors Financial Regulatory Authority Dr. Mohamed Fared Saleh

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