Regulatory Alerts2021-01-01
Board of Directors Decision No. (4) of 2021 Amending Decision No. (101) of 2015 on Governance Rules for Private Insurance Funds
The Financial Regulatory Authority of Egypt issued Decision No. (4) of 2021 to amend the governance framework for private insurance funds by restricting auditor appointments to professionals registered in the Authority’s official register under Decision No. (3) of 2021 and repealing the previous fourth clause on fund auditors. The amended rules require all private insurance funds to regularize their compliance with these new auditor eligibility standards within their respective fiscal years ending on or before December 31, 2021, or June 30, 2022. This decision takes effect the day after its publication in the Egyptian Gazette and on the Authority’s official website.
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.
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
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