Regulatory Alerts2016-01-01
Decision of the Board of Directors of the Authority No. (70) of 2016 on Dissolving the Private Insurance Fund for Customs and Sales Tax Employees and Appointing an Interim Board
The Egyptian Financial Supervisory Authority (EFSA) has dissolved the Board of Directors of the Private Insurance Fund for Employees of the Customs and Sales Tax Authorities pursuant to Article 29 of the Law on Private Insurance Funds. The EFSA has appointed an eight-member interim board, valid for a maximum of one year, tasked with settling outstanding obligations, securing revenues, rectifying inspection violations, commissioning an actuarial financial assessment within two months, and convening a general assembly to elect a permanent board. This decree, dated July 21, 2016, takes effect the following day and is published in the Egyptian Gazette and on the EFSA website.
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