Regulatory Alerts2016-01-01
Decision No. (140) of 2016 Regarding the Reconstitution of the Interim Board of the Private Insurance Fund for Educational Professions Syndicate Members
The Financial Regulatory Authority issued Decision No. 140 of 2016 to reconstitute the interim board of directors for the Private Insurance Fund for Members of the Syndicate of Educational Professions following a resignation and a proposal to enhance geographic representation. The decision appoints nine specific members to the board, which retains all previously assigned interim powers and is mandated to elect an interim chairman and treasurer with approved signing authority at its inaugural meeting. The regulation takes effect the day after publication on the Authority's website and in the Egyptian Gazette, with competent authorities directed to enforce its provisions.
Board of Directors Secretariat
Decision No. (140) of the Authority's Board of Directors dated 27/11/2016
Regarding the Reconstitution of the Interim Board of Directors of the Private Insurance Fund for Members of the Syndicate of Educational Professions Appointed by Decision No. (140) of 2016 of the Authority's Board of Directors
The Board of Directors of the Financial Regulatory Authority;
After reviewing the Private Insurance Funds Law No. (54) of 1975 and its Executive Regulations; and the Supervision and Regulation of Insurance Law No. (10) of 1981 and its amendments, and its Executive Regulations and amendments; and the Authority's Decision No. (27) of 1993 regarding the registration of the Private Insurance Fund for Members of the Syndicate of Educational Professions; and Law No. (10) of 2009 regulating supervision over markets and non-banking financial instruments; and the President of the Republic's Decision No. (192) of 2009 issuing the Statute of the Financial Regulatory Authority; and the Authority's Board Decision No. (140) dated 27/11/2016 regarding the formation of an interim board of directors for the Private Insurance Fund for Members of the Syndicate of Educational Professions; and the resignation of Dr. Ali El-Sayed Abdo El-Dib from the membership of the interim board of directors of the Private Insurance Fund for Members of the Educational Professions; and the memorandum from the Central Administration for Supervision and Regulation of Private Insurance Funds dated 26/12/2016, proposing the addition of five new members to achieve greater representation and balance among representatives of different geographic regions; and the approval of the Authority's Board of Directors in its meeting held on 27/11/2016.
It has been decided
(Article One)
The interim board of directors of the Private Insurance Fund for Members of the Syndicate of Educational Professions, as stipulated in Article One of the Authority's Board Decision No. (140) issued on 27/11/2016, shall be reconstituted as follows:
- Mr. Mohamed Hussein Gomaa
- Mr. Hamed Abdel Jalil Omar Al-Sharif
- Mr. Ahmed Hosam Eldin Hussein Talba
- Mr. Mohamed Mahmoud Salem Madin
- Mr. Ibrahim Abdullah Shahin
- Mr. Youssef Abdel Sabour Mohamed Ali
- Ms. Sabah Hassan Makawi Mohamed
- Mr. Yasser Arafat Ali Mohamed
- Mr. Khalaf Zenati Abu Zeid
(Article Two)
The board of directors referred to in Article One of this Decision shall exercise the same powers as the interim board of directors stipulated in Article Two of the aforementioned Authority Board Decision No. (140) of 2016, and the board (upon reconstitution) shall elect an interim chairman and interim treasurer and request approval of their signing authority at the first board meeting.
(Article Three)
This Decision shall be published on the Authority's website and in the Egyptian Gazette, and shall take effect from the day following its issuance, with the competent authorities ordered to implement it.
Chairman of the Board Sherif Samy
Financial Regulatory Authority Chairman's Office 46076