Regulatory Alerts2020-01-01
Board of Directors Decision No. (64) of 2020 Amending Decision No. (10) of 2015 Regarding the Committee for Reviewing Appeals and Resolving Disputes Concerning Insurance Mediation Activities
The Financial Regulatory Authority (FRA) of Egypt issued Board of Directors Decision No. 64 of 2020 to amend Article Four of its 2015 Decision governing the appeals and dispute resolution committee for insurance mediation. The revised article requires appellants to submit requests in original and five copies, detailing their identity, the contested decision, grounds for appeal, specific relief sought, and proof of an 18,000 Egyptian pound processing fee. The FRA’s General Directorate of Appeals must register and acknowledge receipt of these applications on the day of arrival, and the decision takes effect the day following its publication in the Egyptian Gazette.
Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY
Chairman of the Authority
Board of Directors Decision No. (64) of 2020 dated 8/4/2020
Amending Board of Directors Decision No. (10) of 2015
Regarding the Working System of the Committee for Reviewing Appeals and Resolving Disputes Concerning Insurance Mediation Activities
Board of Directors of the Financial Regulatory Authority
Having reviewed Law No. (10) of 1981 issuing the Law on Supervision and Control of Insurance in Egypt
and its Executive Regulations;
and Law No. (10) of 2009 regulating supervision over markets and non-banking financial instruments;
and Presidential Decree No. (192) of 2009 issuing the Basic Statute of the Financial Regulatory Authority;
and Board of Directors Decision No. (10) of 2015 regarding the working system of the Committee for Reviewing Appeals and Resolving Disputes
concerning insurance mediation activities;
and approved by the Board of Directors in its session held on 8/4/2020.
Has decided
(Article One)
The text of Article Four of Board of Directors Decision No. (10) of 2015 regarding the working system of the Committee for Reviewing
Appeals and Resolving Disputes concerning insurance mediation activities mentioned above is hereby replaced with the following:
Article Four
An appeal request shall be submitted to the Authority in original and five copies, and must include at least the following data and documents:
1- Name, surname, and address of the appellant.
2- Date of issuance of the appealed decision, date of notification or knowledge by the appellant, and method of notification.
3- Subject of the appeal and the grounds on which it is based, with supporting documents attached thereto.
4- Statement of the appellant's requests, particularly whether the appellant requests the full cancellation or partial annulment of the decision.
5- Proof of payment of the appeal review service fee of eighteen thousand Egyptian pounds.
The General Directorate of Appeals at the Authority shall receive the requests referred to in the preceding paragraph, register them in the designated register
on the day of receipt, and deliver a copy to the concerned party bearing the appeal number and date.
(Article Two)
This Decision shall be published in the Egyptian Gazette and on the Authority's website, and shall take effect from the day following its publication
in the Egyptian Gazette.
Chairman of the Board of Directors of the Authority
Dr. Mohamed Omran
Smart Village, Building 136, Giza, Egypt
Postal Code: 110
Telephone: +202 35345350
Fax: +202 35370036
WWW.FRA.GOV.EG
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