Chapter Sixteen
Concluding Rules
Article 89 - The term the competent minister in the provisions of this Act means the Minister of Economy.
Article 90 - The Egyptian Insurance Supervisory Authority replaces the Egyptian General Insurance Authority in relation to its rights and liabilities with the exception of the capitals of public insurance and reinsurance companies, whose, ownership belongs to the public treasury according to the Act No. I of 1975 on some rules relating to the public companies.
The employees of the Egyptian General insurance Authority shall be automatically transferred to the Egyptian Insurance Supervisory Authority by their same status without taking any other procedure.
Article 91 - With the exception of the provisions of the laws, regulations and the decrees organizing importation, the Authority, public insurance and reinsurance companies shall be allowed to import without license, directly or indirectly, the machines, apparatuses, equipment and the electronic computers equipped for their purposes.
These transactions shall not be viewed by the deciding committees.
Article 92 - The decisions taken by the boards of the Authority, insurance and reinsurance companies subordinated to the public sector and the decisions of their chairmen are to be valid without being approved by a higher authority in the cases of appointment, promotion, secondment, delegation, transference missions, internal and external tasks and the penalties without contravention of the jurisdiction of the disciplinary court.
Article 93 - Insurance and reinsurance companies have the right to open foreign currency accounts abroad to meet their obligations which are due abroad.
The competent minister may issue a decree on the rules he considers suitable for this purpose.
Article 94 - The Egyptian insurance companies registered in the prescribed register at the Authority according to the valid laws at the time of issuing this Act comes into force shall be considered authorised to carry on business under this Act.
Article 95 - The employees of the Authority specified in a decree issued by the Minister of justice in agreement with the competent minister, shall have a judiciary power to prove the contravention of this Act, regulations and decisions issued accordingly.
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