Regulatory Alerts1975-01-01
Law No. 4 of 1975 Issuing the Law on Private Insurance Funds
The Egyptian People's Assembly issued Law No. 4 of 1975 to regulate private insurance funds with annual contributions of one thousand Egyptian pounds or more, exempting them from the general associations law. The legislation mandates oversight by the Egyptian General Insurance Authority, requiring strict financial reporting, annual audits, and actuarial examinations every five years to ensure solvency and transparency. It establishes governance rules for fund boards, outlines procedures for fund conversion or deregistration, and imposes criminal and administrative penalties for non-compliance, fraud, or failure to submit required documents.
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