Financial Regulatory Authority

Financial Regulatory Authority

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Chairman of the Authority

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Decision of the Board of Directors of the Financial Regulatory Authority

No. (75) of 2019 dated 20/6/2019
Amending Decision of the Board of Directors of the Authority No. (68) of 2017

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Board of Directors of the Financial Regulatory Authority

Having reviewed the Law No. (10) of 1981 on Supervision and Regulation of Insurance in Egypt and its Executive Regulations; and Law No. (10) of 2009 on Regulating Supervision over Non-Banking Financial Markets and Instruments; and Presidential Decree No. (192) of 2009 Issuing the Basic Statute of the Financial Regulatory Authority; and Decision of the Board of Directors of the Authority No. (70) of 2016 Issuing the Guide for Applying Egyptian Accounting Standards to the Insurance Sector; and Decision of the Board of Directors of the Authority No. (27) of 2017 Issuing Appendix No. (1) to the Guide for Applying Egyptian Accounting Standards to the Insurance Sector issued by Decision of the Board of Directors of the Authority No. (70) of 2016; and Decision of the Board of Directors of the Authority No. (68) of 2017; and the approval of the Board of Directors in its meeting held on 20/6/2019;

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Has Decided

(Article One)

The text of Articles One and Two of Decision of the Board of Directors of the Authority No. (68) of 2017 regarding the controls for using the special reserve established in accordance with Appendix No. (1) issued by Decision of the Board of Directors of the Authority No. (27) of 2017 is replaced with the following:

Commercial insurance companies, cooperative insurance associations, and mutual insurance companies may use the special reserve established pursuant to the provisions of Decision of the Board of Directors of the Authority No. (27) of 2017, provided that such use does not conflict with Egyptian Accounting Standards.

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(Article Two)

Any provision conflicting with the provisions of this Decision is hereby repealed.

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(Article Three)

This Decision shall be published in the Egyptian Gazette and on the Authority’s website, and shall take effect from the day following its publication in the Egyptian Gazette.

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

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

Smart Village, Building B-136, Giza, Egypt
Postal Code: 12577
Tel.: +202 35345350 - Fax: +202 35370036 info@fra.gov.eg

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