Regulatory Alerts2019-01-01
Decision No. 102 of 2019 by the Financial Regulatory Authority Board on Full Cancellation of United General Insurance Company's License and Deletion from the Insurance Register
The Financial Regulatory Authority (FRA) Board issued Decision No. 102 of 2019 to fully revoke United General Insurance Company's operating license and delete it from the official insurance registry. The decision mandates transferring all mandatory automobile insurance liabilities to the Government Fund for Fast Transport Vehicle Accidents, while other insurance policyholder obligations are transferred to the Policyholders and Beneficiaries Guarantee Fund. The company is prohibited from disposing of its assets or guarantees until it completes the statutory liquidation procedures under Article 62 of the Egyptian Insurance Supervision Law, with the decision taking immediate effect upon publication in the Egyptian Gazette and on the FRA website.