Egyptian Financial Supervisory Authority

Egyptian Financial Supervisory Authority

Chairman of the Board of Directors

Decision of the Board of Directors of the Authority No. (70) of 2016

Date: 2016/7/21

Concerning the Dissolution of the Board of Directors of the Private Insurance Fund for Employees of the Customs and Sales Tax Authorities and the Appointment of an Interim Board of Directors for the Fund

The Board of Directors of the Egyptian Financial Supervisory Authority:

After reviewing the Law on Private Insurance Funds issued by Law No. (54) of 1975 and its Executive Regulations and amendments,

and the Law on Supervision and Control of Insurance in Egypt issued by Law No. (10) of 1981 and its Executive Regulations and amendments,

and Law No. 10 of 2009 regulating supervision over non-banking financial markets and instruments,

and Presidential Decision No. (197) of 2009 issuing the Statute of the Egyptian Financial Supervisory Authority,

and Authority Decision No. (117) of 1982 concerning the registration of the Private Insurance Fund for Employees of the Customs and Sales Tax Authorities under No. (193),

and the Statute Regulations of the aforementioned Fund and its amendments approved by the Authority,

and the administrative investigation record with the Board of Directors of the aforementioned Fund dated 2016/7/2,

and the memorandum from the Central Administration for Supervision and Control of Private Insurance Funds dated 2016/7/16,

and the record of the Authority's Board of Directors meeting No. (6) dated 2016/7/21,

and the letter from the Head of the Customs Authority dated 2016/7/29 nominating 8 members for the membership of the Interim Board of Directors of the Private Insurance Fund for Employees of the Customs and Sales Tax Authorities,

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HAS DECIDED

Article One

The Board of Directors of the Private Insurance Fund for Employees of the Customs and Sales Tax Authorities is dissolved in implementation of Article No. (29) of the Law on Private Insurance Funds issued by Law No. (54) of 1975.

Article Two

An interim Board of Directors is appointed for the Private Insurance Fund for Employees of the Customs and Sales Tax Authorities, comprising the following gentlemen:

• 1- Medhat Hassan Abdel Fattah
• 2- Helmy Helmy Abu Al-Hassan Hussein
• 3- Magdy El-Sayed Abdel Rahman
• 4- Mohamed Adel Mohamed
• 5- Yahia Saeed Abdel Qader
• 6- Mustafa Riad Gomaa
• 7- Hazem Mohamed Ahmed Ibrahim
• 8- Mufadda El-Sayed Maawaz

The term of the Interim Board shall not exceed one year, or until a new Board of Directors is elected for the Fund through a general assembly convened by the Interim Board.

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Article Three

The Interim Board shall convene within a maximum of two weeks from the date of appointment to elect the Chairman of the Board and the Fund's Treasurer and to authorize their signatures.

Article Four

The Interim Board of the Fund shall exercise the powers stipulated in the laws and regulations, and in particular the following tasks:

a. Taking necessary measures to pay the Fund's due obligations and secure its revenues. b. Monitoring the regular operation of the Fund and the integrity of its activities. c. Correcting the Fund's course by eliminating all violations identified in the Authority's inspection. d. Promptly preparing an actuarial study to assess the financial soundness of the Fund's position and submitting it to the Egyptian Financial Supervisory Authority within two months from this date. e. Convening a general assembly to elect a new Board of Directors for the Fund before the expiration of the one-year term.

Article Five

This Decision shall be published on the Authority's website and in the Egyptian Gazette, and shall take effect from the day following its issuance. Competent authorities are tasked with its implementation.

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Office of the Chairman of the Authority
Chairman of the Board of Directors
Sherif Samy

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Ahmed Decision 1

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