Regulatory Alerts2019-01-01
Decision No. 151 of 2019 of the Board of Directors of the Financial Regulatory Authority
The Financial Regulatory Authority (FRA) of Egypt has extended the compliance period for Takaful insurance companies until June 30, 2020, under Board Decision No. 151 of 2019. This amendment grants insurers additional time to align their operations with the regulatory framework established by Decision No. 23 of 2019. The decision becomes effective the day following its publication in the Egyptian Gazette and on the FRA website, with relevant authorities mandated to enforce its provisions.
Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY
Chairman of the Authority
Decision of the Board of Directors of the Financial Regulatory Authority
No. (151) of 2019 dated 21/11/2019
Regarding the Extension of the Compliance Period for Takaful Insurance Companies
Board of Directors of the Financial Regulatory Authority
Having reviewed the Law on Supervision and Regulation of Insurance in Egypt issued by Law No. 10 of 1981;
and Law No. 10 of 2009 regulating supervision over markets and financial instruments;
and Presidential Decree No. 192 of 2009 issuing the Statute of the Financial Regulatory Authority;
and Board Decision No. 70 of 2016 regarding the issuance of the guide for applying Egyptian accounting standards to the insurance sector;
and Board Decision No. 23 of 2019 regarding the issuance of regulations to govern Takaful insurance for operation in the Egyptian insurance market;
and Board Decision No. 103 of 2019 regarding the extension of the compliance period for Takaful insurance companies;
and the memorandum prepared by the Central Administration for Supervision and Regulation of Insurance Companies dated 07/10/2019;
and the approval of the Board of Directors at its meeting held on 21/11/2019.
HAS BEEN DECIDED
(Article One)
The compliance period granted to Takaful insurance companies pursuant to Board Decision No. 23 of 2019 regarding the regulations governing Takaful insurance for operation in the Egyptian insurance market is hereby extended until 30/06/2020.
(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. Competent authorities are tasked with its implementation.
Chairman of the Board of Directors
Dr. Mohamed Omran
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