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2023-01-01

Decision of the Chairman of the Authority No. (1469) for 2023

The Financial Regulatory Authority's Chairman issued Decision No. (1469) of 2023 to reconstitute the Committee for Adjudicating Applications of Private Insurance Funds by appointing non-member experts in investment or insurance. The decision specifies a seven-person committee structure, including a deputy chairman and six members, with clear quorum requirements, voting procedures, and technical secretariat duties. It repeals the previous 2022 decision (No. 1554) and mandates that competent authorities implement the new framework effective from its issuance date.

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Financial Regulatory Authority Egypt

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Financial Regulatory Authority

FINANCIAL REGULATORY AUTHORITY

Chairman of the Authority

Decision No. (1469) for 2023

Date: 11/6/2023

Regarding the Reconstitution of the Committee for Adjudicating Applications of Private Insurance Funds

by Appointing Members with Expertise in Investment or Insurance Fields from Non-Members

Chairman of the Financial Regulatory Authority

Having reviewed Law No. 54 of 1975 on the issuance of the Private Insurance Funds Law and its executive regulations, as amended;
Having reviewed Law No. (10) of 1981 on the issuance of the Supervision and Control Law for Insurance in Egypt and its executive regulations, as amended;
Having reviewed Law No. (10) of 2009 on regulating supervision over markets and non-banking financial instruments;
Having reviewed Presidential Decree No. (192) of 2009 on issuing the Basic System of the Financial Regulatory Authority;
Having reviewed Investment Minister Decision No. (109) of 2015 amending certain provisions of the executive regulations of the Private Insurance Funds Law;
Having reviewed the Authority's Board of Directors Decision No. (99) of 2015 regarding the rules and controls governing the management of private insurance funds' investment portfolios;
Having reviewed the Authority's Board of Directors Decision No. (101) of 2015 regarding the rules and controls for corporate governance of private insurance funds;
Having reviewed the Authority's Chairman Decision No. (792) of 2015 regarding the model basic system for private insurance funds;
Having reviewed the Authority's Chairman Decision No. (1554) of 2022 regarding the formation of the Committee for Adjudicating Applications of Private Insurance Funds
by appointing members with expertise in investment or insurance fields from non-members;
Having reviewed the Authority's Decision No. 1528 of 2023 regarding the determination of the competencies of Dr. the Chairman, the Deputies, and Assistants;
Having reviewed the Authority's Human Resources Regulations.

Has Decided

Article (1):

The Committee for Adjudicating Applications of Private Insurance Funds is reconstituted by appointing members with expertise in investment or insurance fields from non-members, chaired by Dr. Islam Azam - Deputy Chairman of the Authority -, and comprising the following members:

  1. Mr. Advisor Reda Abdel Moeity, Senior Advisor to Dr. the Chairman (Deputy).
  2. Dr. Mahmoud Samaha, Head of the Central Administration for Private Insurance Funds (Member).
  3. Dr. Adel Hussein, Head of the Central Administration for Supervision and Control over Insurance Companies (Member).
  4. Mr. General Manager of the Technical Inspection Administration for Private Insurance Funds, Specialist (Member).
  5. Mr. Mustafa Ghazy, Manager of the Investments and Corporate Governance Administration for Private Insurance Funds (Member).
  6. Mr. Hesham Mansour, Manager of the Investments and Corporate Governance Administration for Private Insurance Funds (Member).

The following shall perform the duties of the Committee's Technical Secretariat:

  • Mr. Abdel Rahman Mahmoud – Third Supervision and Control Specialist at the General Administration of Technical Inspection (3)

Article (2):

The Committee is specialized in studying applications of private insurance funds regarding the appointment of members with expertise in investment or insurance fields from non-members, to express opinions and issue recommendations thereon. The Committee may, based on considerations it deems appropriate, request interviews with the appointed members with expertise if their qualifications are not clear from the submitted documents.

Article (3):

The Committee convenes upon invitation by its Chairman, and the meeting is not valid unless two-thirds of its members are present. The Committee issues its decisions by a majority of the opinions of the attending members, and in case of a tie, the side supported by the Committee Chairman prevails. The Committee prepares minutes containing the results and recommendations, which are submitted to Dr. the Chairman for approval.

Article (4):

The Authority's Decision No. (1554) of 2022 is repealed.

Article (5):

This Decision shall be effective from the date of its issuance, and competent authorities are tasked with implementing it according to their respective jurisdictions.

Chairman of the Board
Financial Regulatory Authority

Dr. Mohamed Fared Saleh

ARAB REPUBLIC OF EGYPT
Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY

Building Bridges not Walls
We build bridges, not walls

Al-Qaryah Al-Sawiyya, Building 136, Giza, Egypt
Postal Code: 110
Telephone: +202 35345350
Fax: +202 35370066
WWW.FRA.GOV.EG

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