Regulatory Alerts2019-01-01
Decision of the Board of Directors of the Financial Regulatory Authority No. (75) of 2019 dated 20/6/2019 Amending Decision No. (68) of 2017
The Financial Regulatory Authority issued Decision No. (75) of 2019 to amend Decision No. (68) of 2017 regarding the regulatory controls for utilizing special reserves under Egyptian Accounting Standards. The amendment explicitly authorizes commercial insurance companies, cooperative insurance associations, and mutual insurance companies to draw upon the special reserve established under Appendix No. (1) of Decision No. (27) of 2017, provided such utilization strictly complies with Egyptian Accounting Standards. The decision repeals any conflicting provisions and becomes effective the day following its publication in the Egyptian Gazette and on the Authority’s official website.
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