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2023-01-01

Decision No. 172 of 2023 on Re-establishing the Committee for Ruling on Technical and Economic Feasibility Studies for Insurance Sector Projects

The Financial Regulatory Authority of Egypt issued Decision No. 172 of 2023 to re-establish a specialized committee responsible for evaluating technical and economic feasibility studies submitted by insurance, reinsurance, and intermediary entities seeking preliminary approval. Chaired by Prof./ Dr. Islam Azam and supported by a dedicated technical secretariat, the committee's composition and operational scope are explicitly defined to streamline regulatory assessments. This decision takes immediate effect upon issuance, directing relevant administrative departments to enforce the newly constituted committee's mandate under existing insurance legislation.

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Financial Regulatory Authority Egypt

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FINANCIAL REGULATORY AUTHORITY

Head of the Authority

Decision No. 172 of 2023

Date: 11/6/2023

Regarding the Re-establishment of a Committee for Ruling on Technical and Economic Feasibility Studies

for Projects Operating in the Insurance Sector

Head of the Financial Regulatory Authority

Having reviewed the Law on Supervision and Regulation of Insurance in Egypt, issued under Law No. 10 of 1981 and its Executive Regulations and amendments;
Having reviewed the Law on Regulating Supervision over Non-Banking Financial Markets and Instruments, issued under Law No. 10 of 2009;
Having reviewed Presidential Decision No. 192 of 2009 issuing the Basic System of the Financial Regulatory Authority;
Having reviewed Decision No. 800 of 2018 regarding the re-establishment of a committee for ruling on technical and economic feasibility studies for projects operating in the insurance sector;
Having reviewed Decision No. 157 of 2023 regarding the re-establishment of a committee for ruling on technical and economic feasibility studies for projects operating in the insurance sector;
Having reviewed Decision No. 158 of 2023 regarding the determination of the competencies of Dr./ the Head and his deputies,
Having reviewed the Authority's Staff Regulations;

DECISION

Article One

A committee is established to review technical and economic feasibility studies submitted alongside preliminary approval applications for the establishment of insurance companies, reinsurance companies, and insurance intermediaries, in accordance with Article 17 of the Executive Regulations of Law No. 10 of 1981,
chaired by Prof./ Dr. Islam Azam, and comprising the following members:

  • Adv./ Mr. Reda Abdel Moeity
  • Dr./ Adel Mohamed Hussein
  • Dr./ Sulaiman Abdul Samad
  • Prof./ Khaled Tahami
  • Dr./ Mohamed Samaha
  • Prof./ Hatem Mohamed Nour El-Din
  • Prof./ Osama Biyomi

Article Two

The committee's technical secretariat shall be handled by:

  • Prof./ Mostafa Ahmed Khalil – General Manager of the Insurance Companies Examination Department (1)
  • Prof./ Farida Ahmed Darwish – Senior Specialist at the Technical Support Department for Insurance Companies

Article Three

This decision shall be effective from the date of its issuance, and the relevant departments are tasked with implementing it.

Chairman of the Board of Directors
Financial Regulatory Authority

Dr. Mohamed Fared Saleh

Smart Village, Building 136, Giza, Egypt
Postal Code: 110
Telephone: +202 3534500
Fax: +202 3537006
WWW.FRA.GOV.EG

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