Financial Regulatory Authority

FINANCIAL REGULATORY AUTHORITY

Chairman of the Authority

Decision of the Board of Directors of the Financial Regulatory Authority

No. (209) for the year 2020 dated 27/12/2020
Regarding the Dissolution of the Insurance Fund for the Employees of the Financial Regulatory Authority

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 the Law on Supervision and Regulation of Insurance in Egypt issued by Law No. (10) of 1981 and its Executive Regulations; and Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments; and the Authority's Board Decision No. (101) of 2015 regarding the rules and controls for the governance of private insurance funds; and the Authority Chairman's Decision No. (1050) of 2017 delegating the Authority's Vice Chairman to grant approval and consent; and all decisions pertaining to private insurance funds; and the Egyptian Insurance Authority Decision No. (247) of 1993 registering the Insurance Fund for the Employees of the Financial Regulatory Authority under No. (474); and the Fund's Articles of Association and its amendments approved by the Authority; and the memorandum from the Central Administration for Supervision and Regulation of Private Insurance Funds dated 23/12/2020;

Decided

(Article One)

The Board of Directors of the Insurance Fund for the Employees of the Financial Regulatory Authority, registered with the Authority under No. (474) pursuant to the Egyptian Insurance Authority Decision No. (247) of 1993, is hereby dissolved.

(Article Two)

A temporary board of directors is appointed for the Insurance Fund for the Employees of the Financial Regulatory Authority, comprising the following gentlemen:
1- Mr. Fathy Abdel Rahman El-Sayed.
2- Dr. Walid Jasser Fahmy Oweiss.
3- Mr. Magdy Ramadan Mohamed Ahmed.

(Article Three)

The aforementioned Board of Directors shall undertake the following tasks:
1- Elect a Chairman and a Treasurer for the Fund and request approval of their signing authority at the first board meeting. 2- Ensure full collection of the Fund's revenues and allocate its funds to its expenditure categories before its members, in accordance with Article (12) of Law No. (54) of 1975. 3- Take necessary steps regarding the disbursement of insurance benefits due to members. 4- Monitor the Fund's operational system and the integrity of its activities. 5- Prepare the Fund's final accounts for the year 2020, prepare a new actuarial study on the Fund's financial position, and submit them to the Authority. 6- Convene a 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 for the Fund, while adhering to the procedures outlined in the Authority's Board Decision No. (101) of 2015 regarding the rules and controls for the governance of private insurance funds.

(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 issuance date.

Chairman of the Board of Directors of the Authority Dr. Mohamed Omran

Smart Village, Building No. B-136, Gezira, Egypt Postal Code: 12577 Tel.: +202 35345350 - Fax: +202 35370036 info@fra.gov.eg

Smart Village, Building no. B-136, Giza
Postal Code: 12577
Tel.: (00202) 35345350 - Fax.: (00202) 35370036 www.FRA.gov.eg

(Article Two - Continued)

4- Mr. Essam Arefa Mowafy Benhassi.
5- Mr. Ramy Anwar Abdel Aziz Ibrahim.

For a term ending on 31/3/2021 or upon the election of a new board for the Fund through a General Assembly convened by the temporary board at the earliest opportunity.

(Article Three - Continued)

(As stated above)

(Article Four - Continued)