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2019-01-01

Decision No. (179) of 2019 on Forming Two Committees to Implement Procedures for Selecting Insurance Representatives to the Policyholders Guarantee Fund Board

The Financial Regulatory Authority (FRA) of Egypt issued Decision No. (179) of 2019 to formally establish two committees tasked with implementing procedures for selecting insurance companies' representatives to the board of the Policyholders and Beneficiaries Guarantee Fund. The first committee will examine candidacy applications, while the second will supervise the election process and manage the handover of work documents and final reports within the deadlines set by the Authority's Board Decision No. 3 of 2019. Both committees operate under the direct oversight of the FRA's Assistant Chairman and must submit their final results upon completing their assigned duties.

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Financial Regulatory Authority Egypt

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The General Authority for Financial Supervision

FINANCIAL REGULATORY AUTHORITY

Chairman of the Authority

Decision No. (179) of 2019

Issued on 2019/2/23

Concerning the formation of the two committees tasked with implementing the procedures stipulated in the Authority's Board of Directors Decision No. 3 of 2019 regarding the selection of insurance companies' representatives on the board of directors of the Policyholders and Beneficiaries Guarantee Fund at insurance companies

Chairman of the Authority's Board of Directors

Having reviewed the Law on Joint Stock Companies, Companies Limited by Shares, and Limited Liability Companies issued by Law No. (159) of 1981 and its executive regulations,
And the Commercial Law issued by Law No. (17) of 1999,
And the Law on Supervision and Control of Insurance issued by Law No. 10 of 1981,
And the Law on Regulating Supervision over Non-Egyptian Markets and Financial Assets issued by Law No. 10 of 2009,
And Presidential Decision No. 192 of 2009 issuing the Basic Statute of the General Authority for Financial Supervision,
And Prime Ministerial Decision No. 2734 of 2018 issuing the Basic Statute of the Policyholders and Beneficiaries Guarantee Fund at insurance companies,
And the Authority's Board of Directors Decision No. 3 of 2019 concerning the rules and procedures for selecting insurance companies' representatives on the board of directors of the Policyholders and Beneficiaries Guarantee Fund at insurance companies,
And the memorandum from the Honorable Assistant to the Chairman of the Authority dated 2019/2/11 on this matter.

Has Decided

(Article One)

Committee for Examining Candidacy Applications:

It is formed under the chairmanship of Mr. Diaa Rida - Head of the Central Administration for Company Licenses - as Chairman, and membership of:

  • Mr. Mahmoud Samaha - Head of the Central Administration for Insurance Companies Examination.

(Article Two)

Committee for Supervising Elections:

It is formed under the chairmanship of Dr. Waleed Jasser - Head of the Central Administration for Corporate Governance and First Representative of the Authority, and membership of the following gentlemen:

  • Mr. Suleiman Abdul Samad - General Manager of Insurance Companies Examination, Second Representative of the Authority.
  • Dr. Mohsen Ismail - Expert Member.
  • Mr. Raed Jaafar Al-Nafrawi - Expert Member.
  • A member representing the Egyptian Federation of Insurance Companies, nominated by the Federation's President.
  • Mr. Osama Bioumi - General Manager of the Technical Office of the Assistant to the Chairman of the Authority - Secretary.

This committee shall carry out the duties assigned to it in accordance with the provisions of the Authority's Board of Directors Decision No. 3 of 2019. Furthermore, the handover of its work documents shall be organized, accompanied by a report on its work produced within the timeframes specified in the said Decision, to be submitted to the Honorable Assistant to the Chairman of the Authority and the Chairman of the Committee for Supervising the Elections, whose formation is provided for in Article Two of this Decision.

(Article Three)

A report on the results of the work of the aforementioned two committees shall be submitted by the Honorable Assistant to the Chairman of the Authority and the Chairman of the Committee responsible for supervising the elections of the board of directors of the Policyholders and Beneficiaries Guarantee Fund at insurance companies, upon completion of the tasks assigned to them.

(Article Four)

This Decision shall be published 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
The General Authority for Financial Supervision
Dr. Mohamed Omran

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

Smart Village, Building B-136, Giza, Egypt
Postal Code: 12577
Tel.: +202 35345350 - Fax.: +202 35370036
info@fra.gov.eg

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