Egypt: Presidential Decree to Amend the Insurance Supervision and Control Law
Wednesday, 08 26 2015, Category: Insurance and Reinsurance, Country: Egypt
President Abdel Fattah El-Sisi, decided to amend some provisions related to the supervision and control law over insurance activities in Egypt, in a presidential decree published in the Official Gazette.
The resolution states that the governmental insurance funds are the funds in charge of insurance operations against the risks that are not usually accepted by insurance companies or those deemed necessary to be carried by the government; in addition, the establishment and planning of governmental funds should be by decision of the Prime Minister, and they should have an independent legal personality.
The text of the resolution also mentioned that the terms and rates of the referred insurance operations should be decided by the minister in charge, based on a technical study prepared by the Fund and in accordance with regulations prescribed by the Authority’s Board of Directors.
The by-law also includes the provisions regulating the aspects of the Commission's control over these funds.
Source: El Fagr