Regulatory Alerts2015-01-01
Law No. 98 of 2015 Amending Certain Provisions of Law No. 10 of 1981 on the Supervision and Control of Insurance in Egypt
President Abdel Fattah El-Sisi of Egypt issued Law No. 98 of 2015 to amend Article 24 of the 1981 Insurance Supervision Law, formally defining government insurance funds as independent legal entities established by Prime Ministerial decree to cover uninsurable or state-managed risks. The legislation mandates that the competent Minister, guided by a fund-prepared technical study and Financial Regulatory Authority controls, set the specific terms and pricing for these insurance operations. Furthermore, the law requires the executive regulations to explicitly outline the supervisory mechanisms the Authority will apply to monitor these government funds.
Share