Decision No. (10) of 2015 of the Authority's Board of Directors (Updated Version in 2020)

Decision No. (10) of 2015 dated 2015/2/1
Regarding the Working System of the Committee for Reviewing Appeals and Resolving Disputes Concerning the Insurance Brokerage Activity Last amended in accordance with the date 2020/4/8

President of the Board of Directors of the Financial Regulatory Authority After reviewing Law No. (10) of 1981 concerning supervision and oversight of insurance in Egypt and its Executive Regulations; And Law No. (10) of 2009 concerning the regulation of oversight on non-banking financial markets and instruments; And Presidential Decree No. (192) of 2009 issuing the Basic Statute of the Financial Regulatory Authority; And Board of Directors Decision No. (23) of 2014 concerning the rules governing the practice of insurance brokerage activity within the Arab Republic of Egypt; And Board of Directors Decision No. (49) of 2013; And the approval of the Board of Directors in its meeting No. (2) held on 2015/2/1; Decides:

(Article One)
A Committee for reviewing appeals and resolving disputes arising between insurance companies and insurance brokers, or between insurance brokers and the Authority, or among brokers themselves, concerning the brokerage activity, shall be formed by a decision from the competent Minister. It shall be chaired by one of the Deputy Presidents of the State Council, and composed of four members: a representative of the Egyptian Insurance Union chosen by its Board of Directors, a representative of the Egyptian Insurance Brokers Association chosen by its President, an expert chosen by the competent Minister, and a member representing the Authority.

(Article Two)
The Committee referred to shall have the following jurisdiction:

1. Reviewing appeals submitted by insurance brokers (natural and legal persons) against administrative decisions issued in application of the provisions of the Insurance Supervision and Oversight Law or Law No. (10) of 2009, specifically concerning the insurance brokerage activity.
2. Resolving disputes arising between insurance companies and insurance brokers, or among insurance brokers themselves, concerning the insurance brokerage activity.

The Decision was amended by Board of Directors Decision No. (64) dated 2020/4/8.

(Article Three)
Appeals against administrative decisions issued by the Authority towards insurance brokers (natural and legal persons) shall be filed before the Committee within fifteen (15) days from the date of notifying the concerned party of the decision via registered letter with proof of receipt, or from the date they become aware of it, provided that no special provision exists in the Law. Regarding requests to resolve disputes concerning the insurance brokerage activity arising between insurance companies and insurance brokers, or among insurance brokers themselves, they shall be filed within a period not exceeding the statute of limitations period.

Article Four was replaced by the Authority's Board of Directors Decision No. (64) dated 2020/4/8.

(Article Four)
(Article Five)
A request to resolve a dispute shall be submitted by one or both parties to the Financial Regulatory Authority in five (5) original copies, and must contain at least the following data and documents:

1. The name, legal form, and address of the applicant.
2. The subject of the dispute to be reviewed.
3. A statement of the applicant's requests and supporting documents.
4. Payment of the dispute resolution fee at a rate of 1% of the dispute value, not exceeding fifteen thousand (15,000) Egyptian pounds, and with a minimum of five thousand (5,000) Egyptian pounds.
   The General Administration of Insurance Complaints and Financing Activities shall receive the aforementioned requests, register them in the designated register on the day of receipt, and deliver a copy to the concerned party bearing the appeal number and date.

(Article Six)
The requests referred to in the two preceding articles shall be presented to the Committee Chair within three (3) working days for the Chair to take steps to schedule a hearing and determine a date for review. The concerned parties shall be notified via a registered letter with proof of receipt to attend the Committee in person, through a representative, or through an authorized proxy. The Committee may request from the concerned parties any documents, data, or clarifications deemed necessary to rule on the request, and the applicant must provide the Committee with such clarifications or documents within two (2) weeks at the latest, unless the Committee specifies a longer deadline.

(Article Seven)
The Committee shall convene at one of the Financial Regulatory Authority's premises as determined by the Committee Chair. A Committee meeting shall be considered valid with the attendance of at least four (4) of its members, including the Chair. Committee decisions shall be issued by a majority of the attending members. The requests referred to shall be reviewed as follows:

First: Regarding the review of appeals against administrative decisions issued in application of the provisions of the Insurance Supervision and Oversight Law or Law No. (10) of 2009:

• The appeal shall be filed before the Committee within fifteen (15) days from the date of notifying the concerned party of the decision or from the date they become aware of it.
• If the appellant does not attend after being notified of the scheduled hearing as specified in the preceding article, the Committee may review the request in their absence. The burden of proof regarding proper notification lies with the party claiming lack of notification.
• The review of the appeal shall begin with the presentation of a report containing the reasons for its submission and the supporting documents or data. The Committee may permit oral defense by the appellant.
• The Committee shall rule on the appeal within a period not exceeding two (2) months from the date of completing all requested documents.
• The Committee's decisions ruling on the appeal shall be final and enforceable upon notification.
• The Authority shall refund the service fees paid by the appellant if the appeal is accepted on the merits or if a final judgment annuls the contested decision, within two (2) weeks at the latest from the date of the Committee's decision issuance or the judgment issuance, with a deduction of 10% of the total amount as administrative expenses.

Second: Regarding requests to resolve disputes concerning the insurance brokerage activity arising between insurance companies and insurance brokers, or among insurance brokers themselves:

• The request to resolve disputes shall be reviewed in accordance with procedures ensuring equality and fairness among the parties. The review shall begin with the presentation of a report containing the reasons for its submission and the supporting documents or data for each party. The Committee may permit oral defense by the disputing parties.
• The Committee has the authority to determine the relevance, validity, and importance of the submitted evidence to the subject matter.
• If the Committee or one of the parties relies on a report prepared by an expert or any supporting evidence, the concerned parties shall be notified thereof. The Committee shall determine the expert's fees, which shall be borne by the party requesting their appointment.
• The Committee shall commit to ruling on the request within a reasonable period not exceeding three (3) months from the date of its submission, unless ruling on the dispute requires a longer period with the agreement of all Committee members.
• The Committee's decisions shall be enforceable upon notification.

(Article Eight)
The Committee shall deposit the case file, accompanied by its issued decision, with the General Administration of Appeals or the General Administration of Insurance Complaints and Financing Activities, depending on the circumstances, on the day following its issuance. The concerned Administration shall immediately notify the appellant or concerned parties of the decision and the reasons behind it via a registered letter with proof of receipt, within one (1) week at the latest from the date of the Committee's decision issuance.

(Article Nine)
The Authority shall bear the Committee's fees according to a decision issued by the Authority's President.

(Article Ten)
This Decision shall be published in the Official Gazette, shall take effect from the day following its issuance, and shall be published on the Authority's website. The competent administrations shall execute it according to their respective jurisdictions.