Financial Regulatory Authority

FINANCIAL REGULATORY AUTHORITY

Chairman of the Authority

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Decision No. (103) of 2019 dated 2019/8/4

Regarding the Extension of the Compliance Period for Takaful Insurance Companies

Pursuant to the Authority's Board of Directors Decision No. 23 of 2019

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Board of Directors of the Financial Regulatory Authority

Having reviewed Law No. 10 of 1981 on Supervision and Regulation of Insurance in Egypt;

And Law No. 10 of 2009 on Regulating Supervision over Markets and Financial Instruments;

And Presidential Decree No. 192 of 2009 Issuing the Basic Law of the Financial Regulatory Authority;

And Board of Directors Decision No. 70 of 2016 Regarding the Issuance of a Guide for Applying Egyptian Accounting Standards to the Insurance Sector;

And Board of Directors Decision No. 23 of 2019 Regarding the Issuance of Regulations for Governing Takaful Insurance to be applied in the Egyptian Insurance Market;

And the Memorandum from the Central Administration for Supervision and Regulation of Insurance Companies, prepared and dated 2019/7/29;

And the Approval by the Authority's Board of Directors in its meeting held on 2019/8/4.

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Has Decided

(Article One)

The compliance period granted to Takaful insurance companies pursuant to the aforementioned Decision is hereby extended until 2020/2/24. Takaful insurance companies wishing to regularize their status are required to submit a work plan to the Authority, including a timeline and measures taken to comply with the regulations stipulated in the aforementioned Board of Directors Decision No. 23 of 2019, no later than 2019/9/30.

(Article Two)

This Decision shall be published in the Egyptian Gazette and on the Authority's website, and shall take effect from the day following its issuance. Competent authorities are tasked with its implementation.

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Chairman of the Board of Directors
Dr. Mohamed Omran

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Smart Village, Building No. 136, B. Giza, Egypt Postal Code: 12577 Tel.: +202 35345350 - Fax: +202 35370036 info@fra.gov.eg

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