Board of Directors Secretariat

Decision No. (140) of the Authority dated 27/11/2016

Appointing an Interim Board of Directors for the Private Insurance Fund for Members of the Syndicate of Educational Professions

The Board of Directors of the Financial Regulatory Authority:

After reviewing the Law on Private Insurance Funds issued by Law No. (54) of 1975 and its executive regulations; and the Law on Supervision and Regulation of Insurance issued by Law No. (10) of 1981 and its amendments and executive regulations; and the Authority's Decision No. (27) of 1993 regarding the registration of the Private Insurance Fund for Members of the Syndicate of Educational Professions; and Law No. (10) of 2009 regulating supervision on non-banking financial markets and instruments; and Presidential Decision No. (192) of 2009 issuing the Statute of the Financial Regulatory Authority; and the Authority's Board of Directors Decisions Nos. (149) dated 3/11/2014, (163) dated 3/12/2014, and (46) dated 19/4/2015 regarding the formation of an interim board of directors for the Private Insurance Fund for Members of the Syndicate of Educational Professions. and the memorandum from the Central Administration for Supervision and Regulation of Private Insurance Funds dated 22/11/2016 regarding the invalidity of the procedures of the General Assembly of the Fund held on 29/9/2016, along with the resulting implications and the proposal to appoint an interim board of directors to manage the Fund's affairs. and upon the approval of the Authority's Board of Directors in its session held on 27/11/2016.

Decided

(Article One)

An interim board of directors is appointed for the Private Insurance Fund for Members of the Syndicate of Educational Professions, comprising the following gentlemen:

1. Dr. Ali El-Sayed Abdo El-Dabb
2. Mr. Mohamed Hussein Gomaa
3. Mr. Hamed Abdel-Ghaleem Omar El-Sharif
4. Mr. Ahmed Hossam El-Din Hussein Talba
5. Mr. Mohamed Mahmoud Salem Madin

For a period of one year from the date of issuance of this decision, or until a new board of directors is elected for the Fund through a general assembly convened by the interim board of directors.

---

(Article Two)

The interim board of directors shall assume the following duties:

a. Elect an interim chairman and secretary for the board and request approval of their signing authority at the first board meeting.

b. Take necessary steps to disburse due insurance benefits to members.

c. Monitor the organization of work within the Fund and the integrity of its operations.

d. Submit the Fund's final accounts for the fiscal year ending on 31/12/2016 within the legally mandated timeframe within three months following the end of the fiscal year, as well as convene a general assembly meeting to review the agenda items stipulated in Article (18) of Law (54) of 1975, and specifically to elect a permanent board of directors for the Fund, while adhering to the correct procedures outlined in the Authority's Decision No. (101) of 2015.

e. Commit to collecting the Fund's full revenues and allocating its funds to meet its obligations to members prior to its members, in accordance with the provisions of Article (12) of the aforementioned law.

(Article Three)

This decision shall be published on the Authority's website and in the Egyptian Gazette, and shall take effect from the day following its issuance. Competent authorities are directed to implement it.

---

Chairman of the Board of Directors
Sherif Samy

(Official Seal of the Financial Regulatory Authority) (Written: Chairman's Office)