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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 Three
The Supreme Council of Insurance
Article
3 - The Supreme Council shall be
formed under the chairmanship of the competent
minister and the membership of :
- The
chairman of the Egyptian Insurance Supervisory Authority and his deputy.
- The Chairmen of the boards of insurance and reinsurance companies
registered under this
Act.
- A representative of the insurance funds approved by the competent
minister through the
nomination of the Egyptian Insurance Supervisory Authority.
- Two insurance Professors from the Egyptian Universities who are experts
in insurance
approved by the competent minister by the agreement with the
competent authorities.
- A Chancellor from the Council of State chosen by the president of the
Council.
- A representative of the Public Sector Information Center.
- Under Secretary of the Ministry of Planning nominated by the Minister of
Planning.
- Under Secretary of the Ministry of Finance nominated by the Minister of
Finance.
- A representative of the trade unions organization of the insurance
sector staff approved by
the competent minister.
- A representative of each of the auxiliary organs set up under this Act.
The chairman of the
Council shall have the right to invite whoever, if necessary, to
offer his expertise.
Article 4 - The Supreme Council of Insurance has the
competence to decide the general objectives of the insurance activity and
to approve the policies needed for the achievement of these objectives.
This Council
shall replace the Supreme Council of Commercial Insurance set up by the
presidential decree No.516, of 1976.
Article
5 - The Supreme Council of Insurance shall
have a technical secretariat formed by a decision of the chairman of the
Council from the employees of the insurance sector whose function is to
receive the topics to be put to the Council, to prepare its agenda, to
communicate its decisions and follow them up, as well as it is concerned
with the preparation and studying of the topics related to the Insurance
sector which are presented to the competent minister who decides the
financial affairs of the secretariat.
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