|
General
Information
The
Insurance Supervision and Control in Egypt
Act
No. 10 of 1981 As Amended by Act No. 91 of 1995
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.
|
