Decision of the Chairman of the Authority No. (302) for the Year 2019

Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY

Chairman of the Authority

Decision No. (202) for the Year 2019
Dated 2/7/2019

Sarwa Life Insurance Company Regarding the Registration of Sarwa Life Insurance Company

in the Register of Insurance and Reinsurance Companies

Chairman of the Financial Regulatory Authority

Having reviewed the Law on Supervision and Control of Insurance in Egypt issued by Law No. 10 of 1981 and its Executive Regulations and amendments,

and the Law on Joint Stock Companies, Commandite Companies, Limited Liability Companies, and Single-Person Companies issued by Law No. 159 of 1981 and its Executive Regulations and amendments,

and the Law Regulating Supervision over Non-Banking Financial Markets and Instruments No. 10 of 2009,

and the Authority's Board of Directors Decision No. (21) of 2018 dated 27/3/2018 regarding the in-principle approval by Sarwa Life Insurance Company for the establishment of Sarwa Life Insurance Company,

and the company's deed of incorporation and articles of association, and its registration in the Cairo Investment Commercial Register under No. (123477) dated 27/6/2018,

and the request submitted by the company regarding its registration in the Authority's Register of Insurance and Reinsurance Companies and licensing it to conduct business,

and the memorandum prepared and distributed by the Central Administration for Company Establishment and Licensing dated 24/7/2019,

and the approval of the Committee for Examining Company Establishment and Licensing Requests formed by the Authority in its meeting No. (318) held on 26/7/2019, with its minutes certified by the Chairman of the Authority.

DECIDES

Article One:

Sarwa Life Insurance Company shall be registered in the Authority's Register of Insurance and Reinsurance Companies under No. (39) and is licensed to conduct business according to the following details:

• Name: Sarwa Life Insurance Company (Egyptian Joint Stock Company).
• Head Office Address: Property No. 7 - Second Floor – Unit No. 4 – Champlain Street, Tahrir - Cairo.
• Duration of the Company: (Ninety-nine years) commencing from the date of acquiring its legal personality.

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Share Capital of the Company:

• The authorized share capital of the company is set at (five hundred million) Egyptian pounds, and the issued share capital is set at (one hundred million) Egyptian pounds, distributed across (ten million) shares, each with a par value of (ten) Egyptian pounds.
• The paid-up capital at establishment is (fifty million) Egyptian pounds, to be fully paid up to reach (one hundred million) Egyptian pounds within a period not exceeding five years at most from the date of establishment.

Object of the Company:

• Conducting the business of personal insurance and savings operations as stipulated in the first paragraph of Article (1) of Law No. 10 of 1981, in the following branches:
  1. Life insurance of all types.
  2. Personal accident and long-term medical treatment insurance.
  3. Savings operations.

Article Two:

This Decision shall be published in the Egyptian Gazette, on the Authority's website, and with the competent authorities.

Its provisions shall be enforced.

Chairman of the Board of Directors
Financial Regulatory Authority
Dr. Mohamed Omran

46076

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Smart Village, Building no. B-136, Giza
Postal Code: 12577
Tel.: (00202) 35345350 - Fax: (00202) 35370036
www.FRA.gov.eg

Smart Village, Building No. B-136, Giza, Egypt
Postal Code: 12577
Tel.: +20 2 35345350 - Fax: +20 2 35370036
info@fra.gov.eg