Financial Regulatory Authority

FINANCIAL REGULATORY AUTHORITY

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Chairman of the Authority

Decision No. (299) of 2023

Issued on: 6/7/2023

Regarding the Formation of the Two Committees Related to the Initiative in the Procedures Stated in the Council Decision of the Authority

No. 3 of 2019 Regarding the Selection of Insurance Company Representatives in the Board of Policyholders and Beneficiaries Guarantee Fund for Insurance Companies

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Chairman of the Board of the Authority

Having reviewed the Joint Stock Companies, Limited Partnerships with Shares, and Limited Liability Companies Law issued by Law No. (159) of 1981 and its Executive Regulations, and the Commercial Law issued by Law No. (17) of 1999, and the Supervision and Regulation of Insurance in Egypt Law issued by Law No. 10 of 1981, and the Law Regulating Supervision over Non-Banking Financial Markets and Instruments issued by Law No. 10 of 2009, and Presidential Decision No. 192 of 2009 issuing the Statute of the Financial Regulatory Authority, and Prime Minister's Decision No. 2734 of 2018 issuing the Statute of the Policyholders and Beneficiaries Guarantee Fund for Insurance Companies, and the Authority's Council Decision No. 3 of 2019 regarding the Rules and Procedures for Selecting Insurance Company Representatives in the Board of Directors of the Policyholders and Beneficiaries Guarantee Fund for Insurance Companies, and the memorandum of the Authority's Senior Advisor on this matter.

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Decided

Article One

Nomination Applications Review Committee:

It is formed under the chairmanship of Dr. Mahmoud Samaha, Head of the Central Administration for Supervision and Regulation of Insurance Companies, and membership of the following gentlemen:

• Mr. Sulaiman Abdul Samad – Deputy Head of the Central Administration for Supervision and Regulation of Government Insurance Funds.
• Mr. Abdul Aziz Mona – Supervisor of the General Administration for Technical Inspection of Insurance Companies (3).
• Mr. Sayed Hamed El-Sayed – Third Researcher at the Central Administration for Insurance Products Approval, Secretary.

That committee shall carry out its assigned duties in accordance with the Authority's Council Decision No. 3 of 2019, and it shall also be responsible for receiving its working documents, conditioned on submitting the results within the deadlines specified in the same decision to the Senior Advisor to the Chairman of the Authority and the Head of the Committee Supervising those Elections, which is established in Article Two of this Decision.

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Article Two

Election Supervision Committee:

It is formed under the chairmanship of Mr. Osama Biomy - Supervisor of the Central Administration for Insurance Products Approval, and First Representative of the Authority, and membership of the following gentlemen:

• Advisor Raed Jafar Al-Nafawi
  Legal Advisor – Experienced Member

• Mr. Samaa Sadik
  Chairman of the Board of Directors of the Road Transport Accident Insurance Fund

• Al-Saree Daen, Limited Liability Company – Experienced Member

• A member representing the Egyptian Insurance Union, nominated by the Union's President

• Dr. Mohamed Abdel Razek Biomy
  General Manager of the General Administration for Review and Approval of Property and Liability Insurance Products

• Dr. Miller Iskander
  Third Researcher at the Central Administration for Insurance Products Approval, Secretary

That committee shall directly carry out its assigned duties in accordance with the Authority's Council Decision No. 3 of 2019.

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Article Three

A report on the results of the work of the two aforementioned committees shall be submitted by the Senior Advisor to the Chairman of the Authority and the Head of the Committee Supervising the elections for the Board of Directors of the Policyholders and Beneficiaries Guarantee Fund for Insurance Companies immediately upon completion of their assigned duties.

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Article Four

This Decision shall be published on the websites of both the Authority and the Fund, and shall take effect from the day following its issuance date, with competent authorities responsible for its implementation.

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Chairman of the Board
Financial Regulatory Authority

Dr. Mohamed Omran

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Sealed with the seal of the Financial Regulatory Authority

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Smart Village, Building 136, Giza, Egypt
Postal Code: 110
Telephone: +202 3534530
Fax: +202 35370036
WWW.FRA.GOV.EG

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ARAB REPUBLIC OF EGYPT
FINANCIAL REGULATORY AUTHORITY
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