Regulatory Alerts2018-01-01
Decision of the Board of Directors of the Authority No. (166 bis) of 2018
The Financial Regulatory Authority issued Decision No. (166 bis) of 2018 to appoint an interim five-member Board of Directors for the Private Insurance Fund for Mutual Coverage of Members of the Traders Syndicate following the dissolution of its previous board. The interim board is mandated to elect temporary leadership, disburse outstanding member benefits, oversee fund operations, and convene an extraordinary general assembly to elect a permanent board and approve the 2017 final accounts within three months. Additionally, the decision mandates strict compliance with asset liquidation procedures to satisfy member obligations under Article 12 of Law No. 54 of 1975.
Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY
Chairman of the Authority
Decision of the Board of Directors of the Authority No. (166 bis) of 2018
Dated 31/10/2018
Concerning the Appointment of an Interim Board of Directors for the Private Insurance Fund for Mutual Coverage of Members of the Traders Syndicate
The Board of Directors of the Financial Regulatory Authority:
Having reviewed the Law on Private Insurance Funds issued by Law No. (54) of 1975 and its Executive Regulations;
And the Law on Supervision and Control of Insurance issued by Law No. (10) of 1981 and its amendments;
And its Executive Regulations and amendments;
And the Authority's Decision No. (376) of 1993 concerning the registration of the Private Insurance Fund for Mutual Coverage of Members of the Traders Syndicate;
And Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments;
And Presidential Decision No. (192) of 2009 issuing the Statute of the Financial Regulatory Authority;
And the Authority's Board of Directors Decision No. 166 of 2018 concerning the dissolution of the Board of Directors of the Private Insurance Fund for Mutual Coverage of Members of the Traders Syndicate;
And the memorandum from the Central Administration for Supervision and Control of Private Insurance Funds dated 30/10/2018;
And the approval of the Authority's Board of Directors in its meeting held on 31/10/2018.
Decided
(Article One)
The appointment of an interim Board of Directors for the Private Insurance Fund for Mutual Coverage of Members of the Traders Syndicate comprising the following gentlemen:
- Khaled Mohamed Hassan Metwally
- Salah Ahmed Al-Qutb Ali
- Ashraf Shawky Mohamed
- Ibrahim Al-Azb Shabana
- Amal Mohamed Mahmoud
For a period of three months from the date of issuance of this Decision or until an Extraordinary General Assembly, duly summoned, elects a permanent Board of Directors.
(Article Two)
The Interim Board of Directors shall undertake the following tasks:
a. Elect an interim Chairman of the Board and an interim Fund Secretary, and request approval of their signing authority at the first Board meeting.
b. Take necessary measures regarding the disbursement of insurance benefits due to members.
c. Monitor the organization of work within the Fund and the integrity of its operations.
d. Convoke the General Assembly to review the agenda stipulated in Article (18) of Law No. (54) of 1975, and specifically to elect a permanent Board of Directors for the Fund, while adhering to the correct procedures outlined in the Authority's Decision No. (101) of 2015, and to approve the Fund's final accounts for the fiscal year ending on 31/12/2017.
e. Commit to collecting the Fund's full revenues and liquidating its assets to meet its obligations to its members in accordance with the provisions of Article (12) of the aforementioned Law.
(Article Three)
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 directed to implement it.
Chairman of the Board
Dr. Mohamed Omran
Smart Village, Building no. B-136, Giza, Egypt
Postal Code: 12577
Tel.: +202 35345350 - Fax.: +202 35345350
info@fra.gov.eg
Smart Village, Building no. B-136, Giza
Postal Code: 12577
Tel.: (00202) 35345350 - Fax.: (00202) 35370036
info@fra.gov.eg
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