Regulatory Alerts2017-01-01
Decision of the Board of Directors of the Authority No. (56) of 2017
The General Authority for Financial Supervision issued Decision No. 56 of 2017 to appoint an interim board of ten members to manage the Special Insurance Fund for Permanent Employees of the Egyptian Sugar and Integrated Industries Company. The interim board is mandated to elect temporary leadership, collect fund revenues, disburse member benefits, monitor operations, and commission an actuarial study of the fund's financial status as of June 30, 2017. This temporary governance structure is valid for a maximum of one year, during which the board must convene an extraordinary general assembly to elect a permanent board of directors.
Board of Directors Secretariat
Decision of the Board of Directors of the General Authority for Financial Supervision
No. (56) of 2017 dated 19/4/2017
Regarding the Special Insurance Fund for Permanent Employees
of the Egyptian Sugar and Integrated Industries Company
Board of Directors of the General Authority for Financial Supervision
Having reviewed Law No. 54 of 1975 issuing the Law on Special Insurance Funds and its Executive Regulation and amendments;
and Law No. 10 of 1981 issuing the Law on Supervision and Control of Insurance in Egypt and its Executive Regulation and amendments;
and Law No. 10 of 2009 regulating supervision over non-banking financial markets and instruments;
and Authority Decision No. (41) of 1981 registering the Special Insurance Fund for Permanent Employees of the Egyptian Sugar and Integrated Industries Company under No. (155);
and the Articles of Association of the aforementioned Fund and its amendments;
and Memorandum No. (3) of the General Administration for Technical Inspection of Special Insurance Funds dated 3/4/2017;
and the approval of the Authority's Board of Directors in its session held on 19/4/2017.
Decided
(Article One)
The Board of Directors shall appoint an interim board for the Special Insurance Fund for Permanent Employees of the Egyptian Sugar and Integrated Industries Company consisting of the following gentlemen:
- Mr. Imam Mohamed Farag
- Mr. Mostafa Abdel Aziz El-Amir
- Mr. Adel Abdel Hamid Farghaly
- Mr. Hady Mohamed Mohamed Gaber
- Mr. Abdel Mawla Mohamed Mahmoud
- Mr. Gamal Fathy Mahmoud Gabr
- Mr. Ahmed Mohamed Ibrahim
- Mr. Reda Sayed Hamada
- Mr. Abu El-Hassan Gad El-Rab Ahmed
- Mr. Sayed Abu Bakr Mohamed
(Article Two)
The term of this interim board shall not exceed one year or until a new board of directors for the Fund is elected through an extraordinary general assembly convened by the interim board.
The interim board of directors of the Fund shall undertake the following tasks:
- Elect an interim chairman and treasurer for the Fund and approve their signing authority.
- Take necessary measures to collect all Fund revenues and disburse insurance benefits due to members in accordance with the approved Articles of Association of the Fund.
- Monitor the regular operation of the Fund and the integrity of its activities.
- Promptly prepare an actuarial study to ascertain the actual financial position of the Fund as of 30/6/2017 and submit it to the General Authority for Financial Supervision within two months from that date.
- Convene an extraordinary general assembly to elect a new board of directors for the Fund before the expiration of the one-year term.
(Article Three)
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 tasked with its implementation.
Chairman of the Board of Directors
Sherif Samy