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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 Fourteen
Penalties
Article
77 - A sentence of imprisonment and a fine not less than
L.E.5000 and not
exceeding L.E.50000 or either of these two penalties
1
- Any one who transacted any class of insurance or reinsurance business in
Egypt without
authorisation.
2 - Any one who represented foreign insurance bodies or companies or
intermediated to them
without autborisation of the Authority
3 - Any one who refrained from producing the books and documents to the
representatives of
the Authority who have the right of
inspection in addition to a sentence of submitting them
and in the case of a delay in submitting
information required to be given in time specified in
this Act and its executive regulation. In
these two cases a sentence may be made including
a warning fine of refrain or delay not
exceeding L.E. 50 per day.
4 - Any one who willfully declares or conceals intending fraud to data,
minutes or any other
documents submitted to the Authority or published
to the public.
5 - Any one who divulged information obtained through carrying on his
duties under this Act.
Article
78 - Any one who
breaches the tariffs, rates, conditions at forms notifies to and approved
by the Authority according to article 86 of this Act, shall be liable to a
fine not less than LE. 100 and not exceeding L.E. 1000..
An
insurance company which breaches these conditions, tariffs, and rates
referred to shall be penalised to a fine equal to the double of the
premium in the case of offence, but not less than LE. 1000 and not
exceeding LE. I 00000 for each case.
Upon
these offences criminal action shall be brought based on a petition
presented by the Authority and it may reconcile at any time until the
final jurisdiction to that action with the offender company against
payment all or part of the fine referred to accordingly the procedure
shall be dissolved.
Article
79 - Without
prejudice to any severer penalty stipulated in the penal code or any other
law, any one who intermediates in Egypt to effect insurance or reinsurance
business and any one who carries on the profession of actuaries, insurance
consultants or loss adjusters without being registered in the prescribed
registers specified in this Act, shall be sentenced to imprisonment for
not less than six months or a fine not less than LE.5000 and not exceeding
LE. 50000, also officers of insurance companies shall be liable to the
same penalty for the contravention of the provisions of articles 67,70,74
or this Act.
Article
80 - The provisions
of the above article will be applied to any one who contravenes the
provisions or this Act, its regulations or decisions issued accordingly.
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