Egyptian Financial Supervisory Authority

Chairman of the Board of Directors

Board of Directors Decision

Egyptian Financial Supervisory Authority

Decision No. (32) of 2011 dated 11/5/2011

Chairman of the Board of Directors of the Egyptian Financial Supervisory Authority

After reviewing the Insurance Supervision and Control Law in Egypt issued by Law No. 10 of 1981, amended by Law No. 118 of 2008, and its executive regulations, and the Companies Law issued by Law No. 159 of 1981, and its executive regulations, and Law No. 10 of 2009 regulating supervision over non-banking financial markets and instruments, and the Public Sector Enterprises Law issued by Law No. 203 of 1991, and its executive regulations, and Presidential Decision No. (246) of 2006 establishing the Holding Insurance Company and converting insurance companies (Misr Insurance Company – Al-Sharq Insurance Company – Egyptian National Insurance Company – Egyptian Reinsurance Company) into its subsidiaries, and the minutes of the Extraordinary General Assembly of Misr Insurance Company held on 26/5/2010 approving the separation of the life insurance portfolio in the company and transferring it to Misr Life Insurance Company with all its rights and obligations effective from 1/7/2010 according to the company's financial positions on 30/6/2010, and the request submitted by Misr Insurance Company to the Authority on 22/3/2011, and the memorandum prepared by the competent department which confirmed that Misr Insurance Company has fulfilled the legal requirements and necessary procedures to transfer the life insurance portfolio to Misr Life Insurance Company.

And the Board of Directors Decision of the Authority in its meeting No. (4) held on 11/5/2011 approving the transfer of the life insurance portfolio with all its rights and obligations from Misr Insurance Company to Misr Life Insurance Company.

Has Decided

Article (1):

Approving the request submitted by Misr Insurance Company to transfer the life insurance portfolio with all its rights and obligations from Misr Insurance Company to Misr Life Insurance Company, in implementation of the provisions of the Insurance Supervision and Control Law in Egypt and its executive regulations mentioned above.

Article (2):

This Decision shall be published in the Egyptian Gazette, and the competent authorities shall implement it.

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Ashraf Al-Gergawi
Chairman of the Board of Directors of the Authority

46076

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