Egypt: Regulator updates statute governing insurance institute
Source: Middle East Insurance Review | May 2019
The Financial Regulatory Authority (FRA) has approved the reorganisation of the Insurance Institute in Egypt (IFE), involving amending the legislation covering the Institute.
Prime Minister Mostafa Madbouly will ratify and issue the amended law, reported Youm7.
The amended law, which has 26 articles, covers areas such as the objectives of the Institute, membership, board of directors and committees and prohibitions.
The decision to establish the IFE was issued in 1975 by the heads of the boards of several insurers to enhance technical specialisation and raise professionalism in the Egyptian insurance market and provide the Egyptian and Arab insurance markets with graduates.
At that time, the chairmen of the four public sector Egyptian insurers (Misr, Al-Chark, National, Egypt Re) agreed to establish the Institute as an affiliate of the Chartered Insurance Institute (CII) of the UK. The Egyptian institute was formally admitted to the CII in 1976, the first of its kind in the Arab region.
The new proposed statute for the IFE provides that it shall enjoy legal personality and be a non-profit organisation.
The IFE aims to provide educational services and organise lectures, including study materials in other international institutes. The Institute works with similar insurance institutes abroad to strengthen ties and exchange experience.
It also aims to hold seminars, workshops and training programmes to discuss issues and problems related to all branches of insurance, and to create an insurance library that will be a source of reference for scholars, researchers and insurance workers. M