Regulatory Alerts2019-01-01
Decision of the Board of Directors of the Financial Regulatory Authority No. 3 of 2019 on the Rules and Procedures for Selecting Insurance Companies' Representatives to the Policyholders Guarantee Fund Board
The Financial Regulatory Authority of Egypt issued Decision No. 3 of 2019 to establish the comprehensive rules and procedures for electing insurance company representatives to the Board of Directors of the Policyholders and Beneficiaries Guarantee Fund. The regulation mandates strict eligibility criteria for both nominating companies and individual candidates, including financial compliance, clean regulatory records, academic qualifications, and a minimum of fifteen years of relevant experience. It further outlines a transparent nomination, verification, and election process overseen by a supervisory committee, complete with appeal mechanisms, voting protocols, and provisions for member replacement upon license revocation or resignation.
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