Regulatory Alerts2019-01-01
Decision of the Financial Regulatory Authority Board No. 46 of 2019 Amending Decision No. 262 of 1995 on Insurance and Reinsurance Assets and Liabilities
The Financial Regulatory Authority of Egypt issued Decision No. 46 of 2019 to amend the asset and liability accounting rules for insurance and reinsurance companies under its previous Decision No. 262 of 1995. The amendment specifically revises item 6/d of Article One to mandate that premium receivables overdue by more than three months must be recognized, with an exception for medical insurance premiums not yet due at fiscal year-end, provided they are disclosed in the financial statement notes. This decision was approved on March 19, 2019, and became effective the day after its publication in the Official Gazette and on the Authority's website.
Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY
Chairman of the Authority
Decision of the Board of Directors of the Financial Regulatory Authority
No. (46) of 2019 dated 19/3/2019
Regarding the amendment of the Board of Directors' Decision No. (262) of 1995 concerning the assets and liabilities of insurance and reinsurance companies
Board of Directors of the Financial Regulatory Authority
Having reviewed Law No. (10) of 1981 concerning the supervision and regulation of insurance and its executive regulations, and amendments thereto;
and Law No. (10) of 2009 regulating supervision over markets and non-banking financial instruments;
and the Statute of the Financial Regulatory Authority issued by Presidential Decree No. (192) of 2009;
and the Decision of the Board of Directors of the Egyptian Insurance Supervision Authority No. (262) of 1995 concerning the assets and liabilities of insurance and reinsurance companies to account for the ratios referred to in Article (39) of Law No. 10 of 1981;
and the memorandum submitted by the competent administration dated 10/3/2019;
and the approval of the Authority's Board of Directors at its meeting held on 19/3/2019.
Has Decided
(Article One)
The following text replaces the text of item (6/d) in Article One of the aforementioned Board of Directors' Decision No. (262) of 1995:
6/d Premium balances under collection that have exceeded three months from their due date, except for premium balances whose due date has not arrived by the end of the financial year in the medical insurance branch, provided they are included in the supplementary notes to the financial statements, which constitute an integral part of the financial statements.
(Article Two)
This Decision shall be published in the Official Gazette and on the Authority's website, and shall take effect from the day following its publication date.
Chairman of the Board of Directors
Dr. Mohamed Omran
Financial Regulatory Authority
Office of the Chairman
Smart Village, Building No. B-136, Giza, Egypt
Postal Code: 12577
Tel.: +202 35370036 - Fax: +202 35345350
info@fra.gov.eg
Smart Village, Building no. B-136, Giza
Postal Code: 12577
Tel.: (00202) 35345350 - Fax.: (00202) 35370036
www.FRA.gov.eg