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General
Information
The
Insurance Supervision and Control in Egypt
Act
No. 10 of 1981 As Amended by Act No. 91 of 1995
Chapter Twelve
Experts and Intermediaries of Insurance
Section
1
Actuaries
Article
63 - The actuaries shall not carry on their work unless
they are registered in the prescribed register at the Authority. A person
entitled to be registered in this register must meet the following
requirements
1-
To obtain one of the following degrees or diplomas :
a) a degree of Associateship or Fellowship from one of
the following institutes
- the Institute of Actuaries (London)
- the Faculty of Actuaries (Scotland)
- the Society of Actuaries (U.S.A)
b) a higher degree following the first university study
in actuarial sciences from one of the
universities or educational
institutes or societies of actuaries equivalent to the certificates
mentioned in item (a), or other
certificate approved by the Authority according to the
rules and conditions specified
in the executive regulation of this Act.
2 - Not be sentenced to a criminal penalty or sentence restricting liberty
for committing a
felony of infidelity or dishonesty unless he has
been rehabilitated.
3 - Not be declared bankrupt, unless he has rehabilitated
4 - Not be disqualified.
5 - Not be fired from his occupation by a sentence or a final punitive
decision or a decision
taken to erase name from the register of any of
the professions organized by the laws and
regulations for matters affecting the honesty or
honour, unless at least three years has lapsed
since the issue of the sentence or decision.
6 - Non Egyptian actuaries shall not be registered in the prescribed
register of actuaries unless
he is authorised to carry on the profession
as an actuary abroad and he must submit the
documents specified in the executive
regulation of this Act
Article 64 - An application form for registration in the
actuaries register shall be submitted
according to the terms and conditions specified in the executive
regulation of
this Act.
The
applicant shall pay the fee fixed by the board of the Authority not
exceeding LE 200
Registeration
shall be accomplished by a decision of the chairman of the board of the
Authority as well as it shall be erased in case of the actuary loses one
of the requirements of the registeration or at his request, as well as if
it is proved that he has furnished any information required according to
the provisions of this Act which is false whether willfully or by gross
negligence or if frequently non complied with the technical bases to carry
on business.
Section
2
Insurance Consultants
Article
65 - The insurance consultants shall not carry on the
business of insurance consultancy unless they are registered in the
prescribed register at the Authority. A person entitled to be registered
in this register must meet the following requirements :
1-
He must obtain one of the following degrees or expertise:
a) a degree of Associateship or
Fellowship from the Chartered Insurance Institute of
London.
b) a degree of Ph.D. in insurance or
related sciences from a recognized university.
c) a degree from one of the
universities or educational institutes equivalent to the certificates
mentioned in items (a,b) or
other certificate approved by the Authority according to the
rules specified in the
executive regulation of this Act
d) a university degree and a practical
experience in the field of insurance activity for not less
than 15 years.
2 - He must have the prerequisites specified in article 63 (2-6) of this
Act.
In the case of carrying out the consultancy
service by a body corporate, a legal
representative of it must have these
requirements.
Article
66 - An application
form shall be submitted in the register of insurance consultants in
accordance with the terms and conditions specified in the executive
regulation of this Act. The applicant shall pay the fee fixed by the board
of the Authority not exceeding L.E 200.
Registration
will be made by a decision of the chairman of the board of the Authority.
Also the expert registration shall be erased, if he lost one of the
registration requirements, or at his request or if it is proved that he
has furnished any information required in accordance with the provisions
of this Act, which are inaccurate whether willfully or by gross negligence
or if frequently non complied with the technical bases of carrying on the
profession as a consultant.
Article
67 - Actions of
insurance consultancy before courts or fields of arbitration shall be
assigned only to the consultants registered in the prescribed register
specified in article 65 of this Act.
Section
3
Loss Adjusters
Article
68 - In this Act a loss adjuster means every one who
carries on the business or revealing the damages, evaluating them and
studying their causes and the extent of cover under the policy and
presenting suggestions for improving the protection methods against the
risks and preserving the subject matter of insurance if he was asked to do
so.
Loss
adjusters shall not carry on their business unless they are registered in
the prescribed register at the Authority.
The
registration shall be valid for three renewable years. The applicant shall
pay the fee fixed by the board of directors of the Authority not exceeding
L.E 200 for registration and L.E 100 for renewal. The application form of
registration or renewal shall be submitted according to the terms and
conditions specified in the executive regulation of this Act.
Article
69 - A person entitled to be registered in the register of
loss adjusters must meet the
following requirements
1
- He holds the qualifications and expertise in accordance with the
executive regulation of this
Act.
2 - He holds the requirements specified in article 63 (2-6) of this Act
In the case of the business of loss adjustment is
carried on by a body corporate the same
requirements of registration, renewal and
withdrawal will be applied to the legal
representative of it.
Both
registration and renewal are carried out by a decision of the chairman of
the board of the Authority, as well as the registration will be erased by
a decision of the board of the Authority if a loss adjuster loses one of
the registration qualifications, or at his request or if it is proved that
he has submitted survey or loss adjustment reports fraud implying or
willfully including false information or if it is proved hat he has not
been complied with the technical bases of carrying on the profession as a
loss adjuster.
Article
70 - Insurance
companies may not use loss adjusters other than those on their staff or
the staff of the Cargo Supervision and Surveying Office of Egypt, unless
they are registered in the prescribed register mentioned in article 68,
with the exception of the cases requiring a special technical expertise,
according to the requirements specified by the chairman of the Authority.
Section
4
Insurance Intermediaries
Article
71 - In this Act an insurance intermediary rneans everyone
who intermediates to
effect insurance or reinsurance transaction.
Article
72 - Insurance or
reinsurance intermediaries shall not practice their business unless their
names are registered in the prescribed register at the Authority for this
purpose, and non Egyptian intermediaries may not be allowed to
intermediate in property and liability insurance transactions.
The
registration shall be valid for three years to be renewed, at the request
of the intermediary, who shall pay the fee fixed by the board of directors
of the Authority not exceeding LE 100 in the case of registeration or
renewal.
The
registration or renewal application shall be submitted according to the
conditions and provisions specified in the executive regulation of this
Act.
Article
73 - An intermediary mentioned above in article 71 of this
Act must meet the
requirements as follows :
1
- He holds the qualification or expertise specified in the executive
regulation of the Act.
2 - He holds the provisions specified in article 63 (2-6) of this Act
registration and renewal
shall be made by a decision of the chairman
of the board of the Authority .
Also entry will be deleted if the intermediary lost any of the
registration qualifications, or at his request, non renewal of his
registration or if it is proved that he has acted in contravention to this
Act or on the ground of fraud or gross negligence.
Article
74 - Insurance companies may not accept local insurance
business from insurance intermediaries not registered in the prescribed
register at the Authority. Producers staff working in insurance companies
at the time of issuing this Act are exempted.
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