Egypt - First board of directors of the policyholders' ins. Fund
Wednesday, 07 10 2019, Category: Insurance and Reinsurance, Country: Egypt
Dr. Mohamed Omran, Chairman of the Egyptian Financial Supervisory Authority, said that the Prime Minister's decision No. 1581 of 2019 issued the first board of directors of "Insurance Fund for Insurance Policyholders and Beneficiaries of Insurance Companies", the final executive action to activate the fund in a final manner. , And start to exercise its activity in protecting the rights of the policyholders in cases of failure of insurance companies or inability to meet their obligations.
Dr. Omran said in a press release on Tuesday that the fund represents a mechanism to improve the performance of the insurance industry in Egypt and one of the internationally recognized mechanisms to protect the rights of the policyholders. It has an effective role in ensuring the stability of the insurance market and increasing the confidence of its customers.
Dr. Omran said that during the current month, the first meeting of the Board of Directors of the Fund will be attended by representatives of insurance agents, experts, representatives of life insurance companies, property insurance companies and liabilities. Organizational structure, and a perception of the fund's resources from insurance companies' obligations – whether membership fees or annual contributions – to the fund and the policies needed to manage its funds.
Dr. Omran pointed out that with the first meeting of the Board of Directors of the "Insurance Fundholders of Insurance Policyholders and their Beneficiaries at Insurance Companies" a long-awaited step has been achieved for a period of more than 37 years in activating Article 43 of the Insurance Supervision and Control Law No. 10 For the year 1981, which necessitated the establishment of this fund to strengthen the insurance industry against the risk of default of one of its companies and increase the confidence of dealers in insurance companies, and the consequent positive impact towards raising the level of credit rating of the insurance industry in Egypt.