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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 Eight
The Registration and
Authorisation of Insurance and Reinsurance Companies to Carry on Business
Article
29 - The company
after being established shall submit an application form of registration
and authorisation to the Authority to carry on business, accompanied by
the following documents :
a)
the certificate of the company's
incorporation.
b) the documents which prove
that the conditions specified in article 31 of this Act have been complied
with
c) a certified copy of the
initial contract of the company.
d) a certified copy of the
memorandum of association of the company.
e) a certificate issued by
one of the banks registered at the Central Bank of Egypt proving that the
company has deposited in A.R.E. an amount not less than L.E. 500,000 for
each class of insurance it intends to carry on and not exceeding L.E. 3
million for all these classes. The company may not dispose of any of these
funds without the Authority's Consent.
f) registration fees
amounted to L.E. 2000 for each class of insurance which the company
intends to carry on.
g) the policies forms issued
by the company for each class of insurance the company applied to obtain
authorisation to transact and the benefits, restrictions, rates and
conditions of these policies.
If the company shall carry on one of the transactions specified in article
(1) of this Act, these policies should be accompanied by the following
documents
1
- a certificate from one of the actuaries registered at the authority that
the bases of rates of these transactions, benefits and restrictions
granted by the policies are sound and applicable.
2 - a schedule specifying the surrender value or reduction provided that
it must be provided for in each of the mentioned policies.
i) reinsurance arrangements and its type.
j) any other documents required by the board of
directors of the Authority.
Article 30 - The chairman of
the Authority shall issue a decision of the company's registration and
authorisation to carry on business.
The
decision shall be published in Al Waka'a Al Misryah at the expense of the
company and the Authority shall register the company in its prescribed
register.
The
company ray not begin to carry on business unless it has been registered
and authorised to transact its business, as well as it may not be allowed
to carry on any class of insurance other than the authorised classes. Any
contract concluded contrary to the above mentioned is null and void. This
annulment is not argument against the insured and the beneficiaries unless
it is proved their bad faith.
Article
31- The board of
directors of a company must include two experts in the field of insurance
provided that one of them will be responsible for the executive management
and have the Egyptian nationality.
The
manager who is responsible for underwriting, claims settlement,
reinsurance and investment transactions must have experience in the fields
of insurance, reinsurance and investment accordingly.
The
company must notify the chairman of the Authority with the decisions
issued concerning the appointment of the board members and those who are
responsible for the executive management and any other related
information, within thirty days from the date of issuing the decisions
mentioned above. This notification is to be submitted according to the
form set up by the Authority.
The
Authority may serve a notice of objection on any person proposed to be
appointed within a period of one month from the date of the notification
of the decision.
The
person concerned has the right to appeal to the Minister of Economy
against the Authority's decision of the objection of appointment within a
period of fifteen days from the date of notification of the decision.
Lapse of thirty days as from notifying the Authority without being
objected, shall be considered as a decision of approval.
Article
32 - The company has to display in papers
it issues, that it has been authorised to transact insurance or
reinsurance business in Egypt, and should mention the number and date of
its registration in the companies register at the Authority.
Article
33 - The company shall notify the Authority
of any alteration in the information included in the application of
registration and authorisation as well as in the documents and forms
accompanying it. This notification is submitted according to the rules and
conditions provided for in the executive regulation of this Act and should
be accompanied by the documents pertinent to this alteration or change.
If
the alteration covers the bases of insurance business or the benefits,
restrictions and conditions under the insurance policies, the company, if
it is already transacting one of the classes of insurance specified in the
article I, clause (I), item (I) of this Act, should also submit together
with the notification a certificate from one of the actuaries registered
in the prescribed register at the Authority proving that the rates,
benefits, limits and conditions are sound and applicable.
These
alterations or changes shall be taken into effect only after being
endorsed by the Authority. Lapse of thirty days from the Authority's
notification without a decision being made on them, they will be
considered as a decision of approval. The alterations concerning the
information of registration and authorisation will be published in Al
waka'a Al Misryah at the expense of the company.
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