Decision of the Board of Directors

General Authority for Financial Supervision

No. (40) of 2013 dated 18/6/2013

Board of Directors of the General Authority for Financial Supervision

Having reviewed the Law on Supervision and Regulation of Insurance in Egypt issued by Law No. 10 of 1981 and its amendments,

and the Law on Regulating Supervision of Non-Banking Financial Markets and Instruments issued by Law No. 10 of 2009,

and the Executive Regulation of the Law on Supervision and Regulation of Insurance in Egypt issued by Decision of the Minister of Economy and International Cooperation No. 362 of 1996 and its amendments,

and the Presidential Decree No. 192 of 2009 issuing the Statute of the General Authority for Financial Supervision,

and the Egyptian Insurance Supervision Authority Decision No. 394 of 1997 regarding the Rules Governing the Practice of Insurance Mediation, the Obligations of Intermediaries, and Prohibited Activities, and its amendments,

and the memorandum prepared by the competent department of the Authority,

and the approval of the Authority's Board of Directors in its meeting No. (17) held on 18/6/2013.

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"Decided"

Article (1)

An insurance intermediary may submit an application for re-registration in the Insurance Intermediaries Register in accordance with the following rules and conditions:

First: The intermediary – whether a natural or legal person – must submit the re-registration application on the designated form within three years from the date of deregistration. If the three-year period from the deregistration decision expires without the intermediary being re-registered, the intermediary may submit a new registration application and shall be treated as a first-time registration with new attachments in accordance with a decision on this matter.

Second: At least six months must have elapsed since the deregistration decision if the deregistration was due to submitting data containing a serious error or due to the intermediary's failure to comply with the rules governing the practice of the profession (for natural persons), or if the deregistration was due to the company violating the provisions of the law, the executive regulation, or the controls issued by the Authority to conduct the activity, or violating a condition of the license issued to it to conduct the activity (for legal persons).

Third: The deregistration decision must not relate to matters affecting trust or honor as stipulated in Item (5) of Article (63) of the Law.

Fourth: The intermediary must attach to the re-registration application all documents and data proving the fulfillment of the conditions stipulated in Article (73) of Law No. 10 of 1981 and Article (129) of its Executive Regulation.

Fifth: The re-registration fee and the value of the professional fee-paid document shall be the same as the value of the document prescribed for renewal of registration.

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Sixth:

Re-registration shall be effected by a decision of the Chairman of the Authority and shall be valid for three years from the date of the Chairman's decision on re-registration, and may be renewed in accordance with the rules, provisions, and conditions prescribed for renewal of registration.

Article (2)

The sectors and central departments of the Authority shall implement this decision, each within its respective competence.

Article (3)

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

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Chairman of the Board of Directors
Mr. El-Murkazawi
Dr. Ashraf El-Sharqawi

47076

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