Regulatory Alerts2023-01-01
Decision of the Chairman of the Authority No. 1436 for 2023 Regarding the Formation of a Committee to Review Implementation of Council Decision No. 122 for 2014 on Insurance-Reinsurer Interaction Regulations
The Financial Regulatory Authority issued Decision No. 1436 for 2023, establishing a specialized committee chaired by the Authority's Deputy Chairman to review the implementation of Council Decision No. 122 for 2014 regarding insurance-reinsurer interaction regulations. The committee is authorized to evaluate applications from domestic and foreign insurers, decide on their registration or removal from the official reinsurer list, and block approvals for non-compliant interactions. This decree mandates immediate enforcement by relevant departments and grants the committee the discretion to appoint external experts as non-voting advisors.
FINANCIAL REGULATORY AUTHORITY
Chairman of the Authority
Decision No. (1436) for 2023
Issued on 7/6/2023
Regarding the Formation of a Committee to Review the Results of Implementing Council Decision No. (122) for 2014
Concerning the Regulations Governing the Interaction of Insurance Companies and Cooperative Insurance Associations with Reinsurers
Chairman of the Financial Regulatory Authority
Having reviewed the Law on Supervision and Control of Insurance in Egypt, issued by Law No. 10 for 1981 and its executive regulations,
and the Law Regulating Supervision over Non-Banking Financial Markets and Instruments No. (10) for 2009;
and the Decision of the President of the Republic No. (192) for 2009, issuing the Basic Statute of the Financial Regulatory Authority;
and Council Decision No. (122) for 2014, concerning the regulations governing the interaction of insurance companies and cooperative insurance associations with reinsurers;
and the Authority's Human Resources Regulations;
Decided
(Article One)
A committee is formed to review the results of implementing Council Decision No. (122) for 2014 concerning the regulations governing the interaction of insurance companies and cooperative insurance associations with reinsurers, chaired by Mr. Prof. Dr. Islam Azzam – Deputy Chairman of the Authority
and comprising:
- Advisor / Reda Abdel Moeity
- Mr. Khaled Mohamed Mohamed Taher
- Dr. Mahmoud Mohamed Samaha
- Dr. Adel Mohamed Hussein Wanas
- Mr. Hatem Mohamed Nour El-Din
- Mr. Mohamed Magdy Abdel Gaber
Chief Advisor to the Chairman (Deputy Committee Chair).
Head of the Central Reinsurance Administration
Head of the Central Supervision and Control over Private Insurance Funds Administration
Head of the Central Supervision and Control over Insurance Companies Administration
Head of the Central Licensing and Permitting Administration
Director of Reinsurance Department
(Headquarters)
(Article Two)
The committee is authorized to review requests submitted by insurance companies and associations regarding interaction with reinsurers, and the committee may decide on registration or removal from the list of registered insurers at the Authority, and prohibit approval for interaction with any reinsurers, according to requests received from insurance companies and associations or representatives of foreign companies wishing to interact with insurance companies and associations in the Egyptian insurance market, as applicable.
The committee shall also perform any other tasks related to its operations as assigned by the Chairman of the Authority.
The committee may enlist suitable experts from within or outside the Authority to assist it in performing its duties, without their votes being counted.
(Article Three)
This decision shall be enforced from the date of its issuance, and the concerned departments shall implement it according to their respective jurisdictions.
Chairman of the Board
Financial Regulatory Authority
Dr. Mohamed Fared Saleh
Smart Village, Building 136, Giza, Egypt
Postal Code: 110
Telephone: +202 3534530
Fax: +202 35370036
WWW.FRA.GOV.EG
ARAB REPUBLIC OF EGYPT
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