Regulatory Alerts2023-01-01
Decision No. 1565 of 2023 on the Reconstitution of the Committee for Preliminary Approval Requests to Convert Takaful Insurance Companies to Commercial Insurance
The Financial Regulatory Authority of Egypt issued Decision No. 1565 of 2023 to reconstitute the committee responsible for evaluating preliminary approval requests to convert Takaful insurance companies into commercial insurance entities. The decision appoints Dr. Aslam Azzam as chair and designates nine additional committee members alongside specific senior advisors, central administration heads, and general managers. It formally repeals the previous Decision No. 1564 of 2023 and takes immediate effect upon issuance, directing all relevant departments to implement the newly structured committee's mandate.
FINANCIAL REGULATORY AUTHORITY
Decision No. (1565) of 2023
Issued on: 11/6/2023
Regarding the Reconstitution of the Committee for Studying Preliminary Approval Requests to Convert Takaful Insurance Companies to Commercial Insurance
Chairman of the Financial Regulatory Authority
Having reviewed Law No. 10 of 1981 on Supervision and Control of Insurance in Egypt, its executive regulation, and amendments;
Law No. 10 of 2009 on Regulating Supervision over Non-Banking Financial Markets and Instruments;
Presidential Decree No. 192 of 2009 Issuing the Statute of the Financial Regulatory Authority;
Chairman's Decision No. 1564 of 2023 Regarding the Reconstitution of the Committee for Studying Preliminary Approval Requests to Convert Takaful Insurance Companies to Commercial Insurance;
Chairman's Decision No. (1528) of 2023 Determining the Competencies of Dr./ the Chairman, Deputies, and the Human Resources Committee;
Has Decided
(Article One)
A Committee for Studying Preliminary Approval Requests to Convert Takaful Insurance Companies to Commercial Insurance is formed, chaired by
Prof. Dr./ Aslam Azzam – Deputy Chairman of the Authority, and comprising:
- Adv./ Reda Abdel Moeity
- Dr./ Adel Mohamed Hussein
- Dr./ Mahmoud Samaha
- Prof./ Hatem Mohamed Nour El-Din
- Prof./ Mustafa Ahmed Khalil
- Prof./ Mona Mohamed Kamel
- Prof./ Mustafa Sadek
- Prof./ Abdel Aziz Monae
- Prof./ Hany Abdel Latif
Senior Advisor to the Chairman (Deputy Committee Chair)
Head of the Central Administration for Supervision and Control of Insurance Companies
Head of the Central Administration for Supervision and Control of Private Insurance Funds
Head of the Central Administration for Company Establishment and Licensing
General Manager for Company Audits (1)
General Manager for Insurance Companies Audits (2)
General Manager of the General Administration for Brokerage Companies Audits
Supervisor of the Company Audit Working Group (3)
Department Manager within the General Administration for Insurance Companies Audits (1)
The Committee's Rapporteur is Prof./ Radwa Enis Ahmed, and Prof./ Merfat Ahmed Sayed from the Central Administration for Supervision and Control of Insurance Companies.
(Article Two)
The application of Chairman's Decision No. (1564) of 2023 is hereby repealed from the date of issuance of this Decision.
(Article Three)
This Decision shall be implemented as of its issuance date, and the competent authorities and administrations shall execute it within their respective jurisdictions.
Chairman of the Board
Financial Regulatory Authority
Dr. Mohamed Fared Saleh
ARAB REPUBLIC OF EGYPT
FINANCIAL REGULATORY AUTHORITY
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