Financial Regulatory Authority

FINANCIAL REGULATORY AUTHORITY

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Decision of the Board of Directors of the Financial Regulatory Authority

No. (29) for the Year 2019 dated 24/2/2019

Chairman of the Authority

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Regarding the Extension of the Term of Appointment of an Interim Board of Directors for the Special Insurance Fund

for the Mutual Insurance of Members of the Traders Syndicate

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The Board of Directors of the Financial Regulatory Authority

After reviewing Law No. 54 of 1975 issuing the Law on Special Insurance Funds and its Executive Regulations;

And Law No. 10 of 1981 issuing the Law on Supervision and Control of Insurance in Egypt and its Executive Regulations, and their amendments;

And Law No. 10 of 2009 regulating supervision on markets and non-banking financial instruments;

And Presidential Decree No. 192 of 2009 issuing the Basic Statute of the Financial Regulatory Authority;

And Decision of the Board of Directors of the Authority No. 101 of 2015 regarding the rules and controls for the governance of special insurance funds;

And Decision of the Board of Directors of the Authority No. 166 of 2018 regarding the dissolution of the Board of Directors of the Special Insurance Fund for the Mutual Insurance of Members of the Traders Syndicate;

And Decision of the Board of Directors of the Authority No. 166 bis of 2018 regarding the appointment of an interim Board of Directors for the Special Insurance Fund for the Mutual Insurance of Members of the Traders Syndicate;

And Decision of the Authority No. 376 of 1993 regarding the registration of the Special Insurance Fund for the Mutual Insurance of Members of the Traders Syndicate;

And the memorandum from the Central Administration for Supervision and Control of Special Insurance Funds dated 19/2/2019;

And the approval of the Board of Directors of the Authority in its meeting held on 24/2/2019.

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Decided

(Article One)

The term of appointment of the Interim Board of Directors for the Special Insurance Fund for the Mutual Insurance of Members of the Traders Syndicate -4607- stipulated in Article One of Decision of the Board of Directors of the Authority No. 166 bis of 2018 mentioned above, is hereby extended for a period of three months effective from 1/2/2019 or until the election of a new Board of Directors for the Fund, whichever is earlier.

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(Article Two)

The Interim Board of Directors shall be responsible for convening the General Assembly of the Fund within the period from the date of reappointment until 9/4/2019, to consider the agenda set forth in Article (18) of Law No. (54) of 1975, and specifically to elect a new Board of Directors for the Fund, while adhering to the rules and controls stipulated in Decision of the Board of Directors of the Authority No. 101 of 2015.

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(Article Three)

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, and the competent authorities are ordered to implement it.

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Chairman of the Board of Directors of the Authority
Dr. Mohamed Omran

4607

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Smart Village, Building no. B-136, Giza
Postal Code: 12577
Tel.: (00202) 35345350 - Fax.: (00202) 35370036
www.FRA.gov.eg

Smart Village, Building No. B-136, Giza, Egypt
Postal Code: 12577
Telephone: +202 35345350 - Fax: +202 35370036
info@fra.gov.eg