Decision of the Board of Directors of the Financial Regulatory Authority

No. (102) of 2019 Issued on 7/10/2019

Concerning the Full Cancellation of the License to Conduct Business for United General Insurance Company and the Deletion of its Registration from the Authority's Register of Insurance and Reinsurance Companies

Board of Directors of the Financial Regulatory Authority

Having reviewed the Law on Supervision and Regulation of Insurance in Egypt issued by Law No. (10) of 1981 and its Executive Regulations;

And on the Law on Joint Stock Companies, Companies Limited by Shares, Limited Liability Companies, and Single-Person Companies issued by Law No. (159) of 1981 and its Executive Regulations;

And on the Law on Mandatory Insurance for Civil Liability Arising from Accidents of Fast Transport Vehicles within the Arab Republic of Egypt issued by Law No. (72) of 2007;

And on Law No. (10) of 2009 on Regulating Supervision over Non-Banking Financial Markets and Instruments;

And on Prime Minister's Decision No. (2291) of 2018 Issuing the Regulations of the Government Fund for Covering Damages Resulting from Certain Accidents of Fast Transport Vehicles within the Arab Republic of Egypt;

And on Prime Minister's Decision No. (2734) of 2018 Issuing the Bylaws of the Policyholders and Beneficiaries Guarantee Fund at Insurance Companies;

And on the Authority's Decision No. (343) dated 14/4/2015 Registering United General Insurance Company in the Authority's Register of Insurance and Reinsurance Companies;

And on the Memorandum prepared by the Central Administration for Supervision and Regulation of Insurance Companies on this matter;

And upon the approval of the Authority's Board of Directors;

Has Decided

Article One

The license granted to United General Insurance Company to conduct business is hereby fully cancelled, and its registration is deleted from the Authority's Register of Insurance and Reinsurance Companies.

The Company shall not be permitted to dispose of its assets or the guarantees provided by it except after following the procedures stipulated in Article (62) of the aforementioned Law on Supervision and Regulation of Insurance in Egypt.

Article Two

The Company's obligations towards its clients holding mandatory automobile insurance policies shall be transferred to the Government Fund for Covering Damages Resulting from Accidents of Fast Transport Vehicles, established pursuant to the Law on Mandatory Insurance for Civil Liability Arising from Accidents of Fast Transport Vehicles within the Arab Republic of Egypt.

Furthermore, the Company's obligations towards its clients holding other insurance policies, excluding those mentioned in the preceding paragraph, shall be transferred to the Policyholders and Beneficiaries Guarantee Fund at Insurance Companies, established pursuant to the Law on Supervision and Regulation of Insurance in Egypt.

Article Three

This Decision shall be published in the Egyptian Gazette and on the Authority's website, and shall take effect from the date of its issuance. Competent authorities shall implement its provisions within their respective jurisdictions.

Chairman of the Board of Directors of the Authority
Dr. Mohamed Omran
46076

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