Board of Directors Decision No. (4) of 2021 Amending Decision No. (101) of 2015 on Governance Rules for Private Insurance Funds

Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY

Chairman of the Authority

Board of Directors Decision No. (4) of 2021 dated 18/1/2021 Amending Board of Directors Decision No. (101) of 2015 Regarding the Rules and Regulations for the Governance of Private Insurance Funds

Board of Directors of the Financial Regulatory Authority

Having reviewed the Law on Private Insurance Funds issued by Law No. (54) of 1975 and its Executive Regulations;

and on Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments;

and on Board of Directors Decision No. (101) of 2015 regarding the rules and regulations for the governance of private insurance funds;

and on Board of Directors Decision No. (3) of 2021 reorganizing the conditions for registration, continuation of registration, and deletion in the Authority’s register of accountants;

and after approval by the Board of Directors in its meeting held on 18/1/2021;

DECIDED

(Article One)

The following clause shall replace clause (1) of "Fifth: Fund Auditor" contained in the Governance Guide for Private Insurance Funds issued by the aforementioned Board of Directors Decision No. (101) of 2015:

Fifth: Fund Auditor

1- The auditor may only be appointed from among those registered in the Authority’s register of accountants in accordance with the provisions stipulated in Board of Directors Decision No. (3) of 2021 reorganizing the conditions for registration, continuation of registration, and deletion in the Authority’s register of accountants.

(Article Two)

Clause (4) of "Fifth: Fund Auditor" contained in the Governance Guide for Private Insurance Funds issued by the aforementioned Board of Directors Decision No. (101) of 2015 is hereby repealed.

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Smart Village, Building 136, Giza, Egypt
Postal Code: 110
Tel: +202 35345350 Fax: +202 35370036
WWW.FRA.GOV.EG
Building Bridges not Walls
We Build Bridges, Not Barriers
1

Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY

Chairman of the Authority

(Article Three)

Private insurance funds shall be obligated to regularize their status in accordance with the provisions of Article One of this Decision within a maximum period of the financial year ending on 31/12/2021 or 30/6/2022, depending on the fund's fiscal year-end date.

(Article Four)

This Decision shall be published in the Egyptian Gazette and on the Authority’s website, and shall take effect from the day following its publication in the Egyptian Gazette.

Chairman of the Board of Directors
Dr. Mohamed Omran

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Smart Village, Building 136, Giza, Egypt
Postal Code: 110
Tel: +202 35345350 Fax: +202 35370036
WWW.FRA.GOV.EG
Building Bridges not Walls
We Build Bridges, Not Barriers
2