Board of Directors Secretariat

Decision No. 55 of 2017 of the General Authority for Financial Supervision dated 19/4/2017

Regarding the Appointment of an Interim Board of Directors for the Private Insurance Fund for Faculty Members, Assistant Lecturers, Teaching Assistants, and Staff of the Academy of Arts

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Board of Directors of the General Authority for Financial Supervision

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

And the Law on Supervision and Control of Insurance issued under Law No. 10 of 1981, its amendments, and its Executive Regulations and amendments;

And Authority Decision No. 101 of 1988 regarding the Private Insurance Fund for Faculty Members and Staff of the Academy of Arts;

And Law No. 10 of 2009 on the Regulation of Supervision over Markets and Non-Banking Financial Instruments;

And Presidential Decision No. 197 of 2009 issuing the Statute of the General Authority for Financial Supervision;

And Authority Decision No. 219 of 1993 regarding the registration of the Private Insurance Fund for Faculty Members, Assistant Lecturers, Teaching Assistants, and Staff of the Academy of Arts;

And the administrative investigation minutes with the members of the Fund's Board of Directors dated 4/9/2016, and with the Chairman and Treasurer of the Fund dated 31/10/2016;

And the letter from the President of the Academy of Arts nominating members for the Board of Directors of the Private Insurance Fund for Faculty Members, Assistant Lecturers, Teaching Assistants, and Staff of the Academy of Arts, dated 29/3/2017;

And the memorandum from the Central Administration for Supervision and Control of Private Insurance Funds dated 9/4/2017;

And the approval of the Authority's Board of Directors at its meeting held on 19/4/2017.

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DECIDED

(Article One)

The Board of Directors of the Private Insurance Fund for Faculty Members, Assistant Lecturers, Teaching Assistants, and Staff of the Academy of Arts is dissolved, in application of the provision of Article (29) of the Law on Private Insurance Funds No. 54 of 1975.

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(Article Two)

An interim Board of Directors is appointed for the Private Insurance Fund for Faculty Members and Staff of the Academy of Arts, consisting of the following gentlemen and ladies:

1. Dr. Mostafa Mohamed Refaat Geraida
2. Mr. Mohsen Abdel Hamid El-Touni
3. Mr. Hussein Hamdy El-Gendy
4. Ms. Lina Sayed Mohamed Abou El-Fotouh
5. Mr. Ashraf Mohamed Farag

This appointment shall be for a period of one year from the date of issuance of this decision, or until a new Board of Directors is elected through a general assembly convened by the interim Board, whichever comes first.

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(Article Three)

The interim Board of Directors of the Fund shall undertake the following tasks:

a. Elect a Chairman and a Treasurer for the Fund and approve their signing authority at the first Board meeting. b. Take necessary measures regarding the disbursement of due insurance benefits to members. c. Monitor the regular operation of the Fund and the integrity of the work it carries out. d. Expedite the preparation of the Fund's final accounts and submit them within their legal deadlines, as well as convene the General Assembly to review the agenda stipulated in Article (18) of Law No. 54 of 1975, specifically the election of a permanent Board of Directors, while adhering to the correct procedures outlined in Authority Decision No. 101 of 2015 regarding the controls and rules of governance for private insurance funds. e. Commit to collecting the Fund's revenues in full and allocating its funds to meet its obligations to members, in accordance with Article (17) of Law No. 54 of 1975. f. Expedite the preparation of an actuarial study for the Fund regarding its financial position as of 31/12/2016, based on available Fund resources, to verify its soundness. g. Convene an extraordinary general assembly to elect a new Board of Directors for the Fund before the expiration of the one-year term.

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(Article Four)

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 ordered to implement it.

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Chairman of the Board Sherif Samy