Chairman of the Board of Directors

Decision No. (149) of 2014 of the Board of Directors of the Authority

Dated 3/11/2014

Concerning the Dissolution of the Board of Directors of the Private Insurance Fund for Members of the Syndicate of Educational Professions

and the Appointment of an Interim Board of Directors for the Fund

Board of Directors of the General Authority for Financial Supervision:

Having reviewed the Law on Private Insurance Funds issued by Law No. (54) of 1975 and its Executive Regulations;

And the Law on Supervision and Control of Insurance issued by Law No. (10) of 1981, its amendments, Executive Regulations, and their amendments;

And Decision No. (27) of 1993 of the Authority concerning the registration of the Private Insurance Fund for Members of the Syndicate of Educational Professions;

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

And Presidential Decision No. (192) of 2009 issuing the Statute of the General Authority for Financial Supervision;

And the memorandum from the Central Administration for Supervision and Control of Private Insurance Funds dated 30 October 2014;

And what was approved by the Board of Directors of the Authority in its meeting held on 3/11/2014;

And the letter from Prof. Dr. the Minister of Education nominating members for the interim board of directors of the Private Insurance Fund for Members of the Syndicate of Educational Professions;

Decided

(Article One)

The Board of Directors of the Private Insurance Fund for Members of the Syndicate of Educational Professions is hereby dissolved, pursuant to Article 29 of the Law on Private Insurance Funds issued by Law No. (54) of 1975.

(Article Two)

An interim board of directors is appointed for the Private Insurance Fund for Members of the Syndicate of Educational Professions, comprising experienced individuals and three members nominated by the Minister of Education, as detailed in Article Four of this Decision.

The term of this interim board shall not exceed one year, or until a new board of directors for the Fund is elected through an extraordinary general assembly convened by the interim board.

(Article Three)

The interim board of directors of the Fund shall be assigned the following tasks:

a. Electing an interim chairman and treasurer for the Fund and approving their signing authority.

b. Taking necessary steps to disburse accumulated and due insurance benefits to members.

c. Monitoring the regular operation of the Fund and the integrity of its activities.

d. Promptly preparing an actuarial study to ascertain the true financial position of the Fund and submitting it to the General Authority for Financial Supervision within two months of this Decision.

e. Convening an extraordinary general assembly to elect a new board of directors for the Fund before the expiration of the one-year term.

(Article Four)

The interim board of directors of the Private Insurance Fund for Members of the Syndicate of Educational Professions shall be composed of:

1. Dr. Ali El-Sayed Abdo El-Dib – Experienced Individual

2. Mr. Mostafa Kamel Mehran – Experienced Individual

3. Ms. Sohair Fakhr Faris Tadrus – Nominated by the Minister of Education

4. Mr. Ayman Abdel Aziz Ahmed Al-Billy – Nominated by the Minister of Education

5. Mr. Tarek Ali Nour El-Din Mohamed – Nominated by the Minister of Education

(Article Five)

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. Competent authorities are directed to implement it.

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Chairman of the Board of Directors
Sherif Samy

General Authority for Financial Supervision
Office of the Chairman
46076

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Smart Village, Building 15-84 B
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