Regulatory Alerts2010-01-01
Egyptian Financial Supervisory Authority Board Decision No. (20) of 2010 dated 15/3/2010
The Egyptian Financial Supervisory Authority (EFSA) issued Board Decision No. 20 of 2010 to amend the Development Fee regulations applicable to supervised insurance, financial leasing, and securities brokerage companies. The decision redefines "revenue" for fee calculation purposes and mandates quarterly fee payments within 45 days of each quarter's end, with annual settlements due within three months of the fiscal year close. Additionally, it updates the fee rates to one per thousand for property and liability insurance and three per thousand for life and capital formation programs, while imposing daily interest on late payments based on Central Bank rates.
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