Regulatory Alerts2019-01-01
FRA Board Decision No. 96 of 2019 Extending the Deadline for Survey, Damage Assessment, and Consulting Insurance Experts to Regularize Their Status
The Financial Regulatory Authority (FRA) issued Decision No. 96 of 2019 to extend the compliance deadline for registered survey, damage assessment, and consulting insurance experts (legal persons) by six months from August 4, 2019. This extension allows these entities to regularize their status under the licensing and registration framework established by FRA Decision No. 193 of 2018. Affected companies must submit a detailed work plan with a compliance timeline and implemented measures to the Authority by September 30, 2019.
Financial Regulatory Authority
Chairman of the Authority
Decision of the Board of Directors of the Financial Regulatory Authority
No. (96) of 2019 dated 4/8/2019
Regarding the Extension of the Deadline for Regularizing the Status of Survey and Damage Assessment Companies and Consulting Insurance Experts
Registered with the Authority's Records in Accordance with the Provisions of the Board of Directors' Decision No. 193 of 2018
Board of Directors of the Financial Regulatory Authority
Having reviewed Law No. 10 of 1981 concerning Supervision and Control of Insurance in Egypt and its Executive Regulations; Having reviewed Law No. 10 of 2009 concerning the Regulation of Supervision over Non-Banking Financial Markets and Instruments; Having reviewed Presidential Decree No. 192 of 2009 concerning the Basic Statute of the Financial Regulatory Authority; Having reviewed the Board of Directors' Decision No. 193 of 2018 concerning the Conditions, Rules, and Procedures for Licensing and Registration to Balance the Activity of Survey and Damage Assessment Companies and Consulting Insurance Experts (Legal Persons); And having the approval of the Board of Directors in its session held on 4/8/2019.
Has Decided
(Article One)
The deadline granted to Survey and Damage Assessment Companies and Consulting Insurance Experts (Legal Persons) registered with the Authority's records is hereby extended for an additional six months, effective from 4/8/2019, to regularize their status in accordance with the provisions of the aforementioned Board of Directors' Decision No. 193 of 2018.
(Article Two)
Without prejudice to Article One of this Decision, Survey and Damage Assessment Companies and Consulting Insurance Experts (Legal Persons) registered with the Authority's records, upon expressing their intention to regularize their status, are obligated to submit to the Authority a work plan detailing a timeline and the measures taken to comply with the controls stipulated in the aforementioned Board of Directors' Decision No. 193 of 2018, no later than 30/9/2019.
(Article Three)
This Decision shall be published in the Egyptian Gazette and on the Authority's official website, and shall take effect from the day following its issuance date.
Chairman of the Board of Directors
Dr. Mohamed Omran
Smart Village, Building no. B-136, Giza, Egypt
Postal Code: 12577
Tel.: +202 35345350, Fax: +202 35345350
info@fra.gov.eg
Smart Village, Building no. B-136, Giza
Postal Code: 12577
Tel.: (00202) 35345350 - Fax.: (00202) 35370036
www.FRA.gov.eg