Regulatory Alerts2019-01-01
Board of Directors Decision No. (103) of 2019
The Financial Regulatory Authority (FRA) of Egypt issued Decision No. 103 of 2019 to extend the compliance deadline for Takaful insurance companies until February 24, 2020. The decision mandates that any Takaful insurer seeking to regularize its operations must submit a detailed work plan with a timeline and compliance measures to the FRA by September 30, 2019. This extension aligns with the regulatory framework established under the Authority's Board Decision No. 23 of 2019 governing Takaful insurance in the Egyptian market.
Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY
Chairman of the Authority
Decision No. (103) of 2019 dated 2019/8/4
Regarding the Extension of the Compliance Period for Takaful Insurance Companies
Pursuant to the Authority's Board of Directors Decision No. 23 of 2019
Board of Directors of the Financial Regulatory Authority
Having reviewed Law No. 10 of 1981 on Supervision and Regulation of Insurance in Egypt;
And Law No. 10 of 2009 on Regulating Supervision over Markets and Financial Instruments;
And Presidential Decree No. 192 of 2009 Issuing the Basic Law of the Financial Regulatory Authority;
And Board of Directors Decision No. 70 of 2016 Regarding the Issuance of a Guide for Applying Egyptian Accounting Standards to the Insurance Sector;
And Board of Directors Decision No. 23 of 2019 Regarding the Issuance of Regulations for Governing Takaful Insurance to be applied in the Egyptian Insurance Market;
And the Memorandum from the Central Administration for Supervision and Regulation of Insurance Companies, prepared and dated 2019/7/29;
And the Approval by the Authority's Board of Directors in its meeting held on 2019/8/4.
Has Decided
(Article One)
The compliance period granted to Takaful insurance companies pursuant to the aforementioned Decision is hereby extended until 2020/2/24. Takaful insurance companies wishing to regularize their status are required to submit a work plan to the Authority, including a timeline and measures taken to comply with the regulations stipulated in the aforementioned Board of Directors Decision No. 23 of 2019, no later than 2019/9/30.
(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 issuance. Competent authorities are tasked with its implementation.
Chairman of the Board of Directors
Dr. Mohamed Omran
Smart Village, Building No. 136, B. Giza, Egypt
Postal Code: 12577
Tel.: +202 35345350 - Fax: +202 35370036
info@fra.gov.eg
Smart Village, Building no. B-136, Giza
Postal Code: 12577
Tel.: (00202) 35345350 - Fax.: (00202) 35370036
www.FRA.gov.eg