Financial Regulatory Authority

FINANCIAL REGULATORY AUTHORITY

Chairman of the Authority

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Decision of the Board of Directors of the Financial Regulatory Authority

No. 46 Rec. of 2019 dated 28/3/2019

Amending Certain Provisions of the Board's Decision No. (27) of 2019 Regarding the Conditions and Regulations for Registering Electronic Collection Companies for Mandatory Automobile and Fast Transport Vehicle Insurance Policies

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Board of Directors of the Financial Regulatory Authority

Having reviewed the Law on Supervision and Regulation of Insurance in Egypt issued by Law No. 10 of 1981 and its Executive Regulations;

and the Law on Joint Stock Companies, Limited Partnerships by Shares, and Limited Liability Companies issued by Law No. 159 of 1981 and its Executive Regulations;

and the Capital Market Law issued by Law No. 95 of 1992 and its Executive Regulations;

and the Law on Mandatory Insurance for Civil Liability Arising from Accidents of Fast Transport Vehicles within the Arab Republic of Egypt issued by Law No. 72 of 2007;

and Law No. 10 of 2009 on Regulating Supervision over Non-Banking Financial Markets and Instruments;

and the Statute of the Financial Regulatory Authority issued by Presidential Decree No. 192 of 2009;

and the Authority's Board Decision No. (27) of 2019 dated 24/2/2019;

and the Central Administration for Establishment and Company Licensing Memorandum dated 24/3/2019;

and the approval of the Authority's Board of Directors dated 28/3/2019.

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Decided

(Article One)

The following text shall replace the text of items (2) and (3) of Article Two of the Authority's Board Decision No. (27) of 2019:

2- That electronic collection be among its objectives recorded in its commercial register.

3- That its paid-up capital shall not be less than five million Egyptian pounds to conduct the electronic collection activity exclusively, without engaging in any other company objectives.

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(Article Two)

The following text shall replace the text of item (6) of Article Four of the same Decision:

6- Confirming that the company's electronic collection activity does not involve conducting any insurance activities, and that conducting this activity shall be carried out through independent and separate accounts from the company's other activities.

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(Article Three)

This Decision shall be published in the Egyptian Gazette and on the Authority's website, and shall take effect from the day following its issuance date.

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Chairman of the Board of Directors of the Authority
Dr. Mohamed Omran

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

Smart Village, Building No. B-136, Giza, Egypt
Postal Code: 12577
Tel.: +202 35345350 - Fax.: +202 35370036
info@fra.gov.eg

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

Smart Village, Building No. B-136, Giza, Egypt
Postal Code: 12577
Tel.: +202 35345350 - Fax.: +202 35370036
info@fra.gov.eg