Circular Letter No. 21 of 2021 Regarding Investment Guidelines for Private Insurance Funds

FINANCIAL REGULATORY AUTHORITY

Deputy Chairman of the Authority

Circular Letter No. 21 of 2021
Issued on September 7, 2021
Regarding the Investment Guidelines for Private Insurance Funds

In line with the Authority's commitment to developing and diversifying private insurance fund investments for the benefit of their members amid financial and economic developments, and with reference to Board Decision No. 99 of 2015 concerning the rules and guidelines governing private insurance fund investment portfolio management, the Authority emphasizes that the Fund's Board of Directors bears responsibility, pursuant to Articles 27 and 35 of Law No. 54 of 1975, for managing fund affairs. This includes formulating and approving the fund's investment policies and monitoring available market investment channels amid economic developments, while adhering to the general limits and guidelines for fund asset deployment stipulated in Article 14 of the aforementioned Executive Regulations, as well as all related Authority decisions, without the need to obtain prior approval from the Authority.

Regarding Item 13 of Article 14 of the aforementioned Executive Regulations—Other Investments, which are investments outside the specifically listed channels in Article 14 and capped at a maximum of 5% of fund assets—the Authority emphasizes the necessity of obtaining a no-objection clearance from the Authority for these investments.

Deputy Chairman of the Board
Financial Regulatory Authority
Advisor / Rida Abdul Mu'ti

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