Decision of the Board of Directors of the Financial Regulatory Authority

No. (105) of 2019 dated 2019/8/4

Amending Decision of the Board of Directors of the Authority No. (14) of 2015 concerning the fee for marketing services by insurance companies for their insurance products through banks licensed by the Central Bank of Egypt or the Egyptian National Post

Board of Directors of the Financial Regulatory Authority

Having reviewed the Law on Supervision and Regulation of Insurance issued by Law No. (10) of 1981 and its Executive Regulations;

and on Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments;

and on Decision of the Board of Directors of the Authority No. (36) of 2013 concerning the marketing of insurance companies' products through banks licensed by the Central Bank of Egypt;

and on Decision of the Board of Directors of the Authority No. (18) of 2014 concerning the marketing of insurance companies' products through the Egyptian National Post;

and on Decision of the Board of Directors of the Authority No. (14) of 2015 concerning the fee for marketing services by insurance companies for their insurance products through banks licensed by the Central Bank of Egypt or the Egyptian National Post;

and on Decision of the Board of Directors of the Authority No. (104) of 2019 concerning the marketing of insurance companies' products through the General Authority of Nasser Social Bank;

and on the memorandum from the Central Administration for Supervision and Regulation of Insurance Companies dated 2019/7/24;

and on the approval of the Authority's Board of Directors at its meeting held on 2019/8/4;

Has Decided

Article One

The title of Decision of the Board of Directors of the Authority No. (14) of 2015 concerning the fee for marketing services by insurance companies for their insurance products through banks licensed by the Central Bank of Egypt or the Egyptian National Post is replaced with the following: "Decision of the Board of Directors of the Authority No. (14) of 2015 concerning the fee for marketing services by insurance companies for their insurance products through banks licensed by the Central Bank of Egypt or the Egyptian National Post or the General Authority of Nasser Social Bank".

Article Two

Article (1) of Decision of the Board of Directors of the Authority No. (14) of 2015 concerning the fee for marketing services by insurance companies for their insurance products through banks licensed by the Central Bank of Egypt or the Egyptian National Post is replaced with the following text:

Insurance companies subject to the Authority's supervision shall pay the service fee for applications submitted to obtain the Authority's approval for marketing their insurance products through banks licensed by the Central Bank of Egypt or the Egyptian National Post or the General Authority of Nasser Social Bank as follows:

1- 15,000 Egyptian pounds (fifteen thousand pounds) per application, regardless of the branches through which marketing is intended.

2- 5,000 Egyptian pounds (five thousand pounds) for any amendment to the previously issued approval for each of the branches through which marketing is conducted.

Article Three

This Decision shall be published in the Egyptian Gazette and on the Authority's website, and shall take effect from the date of its issuance.

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

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Postal Code: 12577
Tel.: (00202) 35345350 - Fax.: (00202) 35370036 www.FRA.gov.eg