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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 Six
Federations and Auxiliary Organs
Article
25 - insurance and
reinsurance companies under this Act may set up among themselves a
federation, an auxiliary organ or more aiming at building up, analysing
and publishing information, or carrying out business for loss prevention
and reduction or strengthening the ties with insurance associations abroad
or any other matters that are of interest to the members.
Not
more than one federation may be set up for each purpose or a class of
insurance.
The
Constitution of the federation or the organ shall include the provisions
of the nature of the relationship between its members, their obligations
and penalties of breaching its rules. The competent minister shall issue a
decree of ratifying the establishment of the federation or the organ and
its Constitution. The federation or the organ shall be registered in the
prescribed register at the Authority after paying fees amounted to LE
5000.
The
decree of establishment and the Constitution shall be published in Al
Waka'a Al Masriyah at the expense of the federation or the organ and each
of them will be a body corporate from the date of publication.
'The
Authority shall have a representative at the federation or the organ who
shall attend the meetings of its committees without having voting counted.
Article
26 - Subject to the
above article, auxiliary organs include :
1
- Cargo Supervision and Surveying Office in A.R.E. and the relationship
between
governmental organs and others related to
their activity are organised by the Prime
Minister's decree.
2 - The Egyptian Insurance Computer Center.
3 - The insurance institutes jointly set up by the companies.
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