Board of Directors Secretariat

Decision of the Board of Directors of the Financial Regulatory Authority

No. (53) of 2015 dated: 10/5/2015

Regarding the Amendment of Certain Provisions of the Board of Directors Decision No. (23) of 2014

The Board of Directors of the Financial Regulatory Authority

Having reviewed Law No. (10) of 1981 concerning supervision and regulation of insurance in Egypt and its executive regulations;

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

and Presidential Decision No. (192) of 2009 issuing the Basic Statute of the Financial Regulatory Authority;

and the Board of Directors Decision No. (23) of 2014 concerning the rules governing the practice of insurance brokerage activity

within the Arab Republic of Egypt, as amended by the Authority's Board Decision No. (152) of 2014;

and the approval of the Authority's Board of Directors in its meeting held on 10/5/2015;

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Decided:

(Article One)

A new article numbered (15 bis) shall be added to the rules governing the practice of insurance and insurance brokerage activities under the Authority's Board Decision No. (23) of 2014, with the following text:

Article (15 bis):

An insurance brokerage or reinsurance brokerage company may entrust the position of the Person Responsible for Actual Management or Managing Director to one of the certified consulting insurance experts registered in the Authority's register, provided that he meets all the following requirements:

1. His name must be registered in the insurance brokers register as a "natural person", and his registration in this register must be valid.

2. Providing evidence of at least sixty years of experience in the field of reinsurance, for reinsurance brokerage companies.

3. Providing a commitment not to provide any insurance consulting services to clients of the brokerage company he works for or companies in which he holds shares, or to deal with companies for which he previously provided insurance consulting services within the two years preceding his appointment.

The controls and obligations stipulated in the preceding article shall apply to consulting insurance experts holding the position of Person Responsible for Actual Management or Managing Director.

(Article Two)

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. The competent departments shall implement it according to their respective jurisdictions.

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Chairman of the Board of Directors

Sherif Samy

Office of the Authority Chairman

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