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2020-01-01

Financial Regulatory Authority Board of Directors Decision No. (85) of 2020

The Financial Regulatory Authority Board of Directors issued Decision No. (85) of 2020 to amend Decision No. (23) of 2014 by replacing Article 27 with a structured disciplinary framework for insurance brokers who violate regulatory rules. The revised article empowers the Authority to impose escalating sanctions, including formal warnings, work suspensions of up to one year, temporary deregistration for one to three years, or permanent deregistration. Approved on July 3, 2020, the decision takes effect the day following its publication in the Egyptian Gazette and on the Authority's official website.

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Financial Regulatory Authority Egypt

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Financial Regulatory Authority

FINANCIAL REGULATORY AUTHORITY

Chairman of the Authority

Financial Regulatory Authority Board of Directors Decision No. (85) of 2020 dated 3/7/2020

Amending the Financial Regulatory Authority Board of Directors Decision No. (23) of 2014

Regarding the Rules Governing the Practice of Insurance Brokerage Activity within the Arab Republic of Egypt

Board of Directors of the Financial Regulatory Authority

Having reviewed the Law on Supervision and Regulation of Insurance in Egypt issued by Law No. (10) of 1981
and its Executive Regulations;

and Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments;

and the Financial Regulatory Authority Board of Directors Decision No. (23) of 2014 regarding the rules governing the practice of insurance
within the Arab Republic of Egypt;

and after the approval of the Authority's Board of Directors in its meeting held on 3/7/2020;

Decision

(Article One)

The text of Article (27) of the Financial Regulatory Authority Board of Directors Decision No. (23) of 2014 regarding the rules governing the practice
of insurance brokerage within the Arab Republic of Egypt is replaced with the following text:

The Board of Directors of the Authority may take any of the following measures against a broker who violates the rules stipulated in this Decision and its annexes:

  1. Warning.
  2. Suspension from work for a period not exceeding one year.
  3. Removal from the brokers' register for a period not less than one year and not exceeding three years.
  4. Permanent deletion from the register.

(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

[Signature]

Office of the Chairman

Financial Regulatory Authority
2020/7/3
Number: 85

Smart Village, Building 137, Giza, Egypt
Postal Code: 110
Telephone: +202 25345350
Fax: +202 25370066
WWW.FRA.GOV.EG

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