|
Chapter Twelve
Experts and Intermediaries of Insurance
Section 1
Actuaries
Article 63 - The actuaries shall not carry on their work unless they are registered in the prescribed register at the Authority. A person entitled to be registered in this register must meet the following requirements
1- To obtain one of the following degrees or diplomas :
a) a degree of Associateship or Fellowship from one of the following institutes
- the Institute of Actuaries (London)
- the Faculty of Actuaries (Scotland)
- the Society of Actuaries (U.S.A)
b) a higher degree following the first university study in actuarial sciences from one of the
universities or educational institutes or societies of actuaries equivalent to the certificates
mentioned in item (a), or other certificate approved by the Authority according to the
rules and conditions specified in the executive regulation of this Act.
2 - Not be sentenced to a criminal penalty or sentence restricting liberty for committing a
felony of infidelity or dishonesty unless he has been rehabilitated.
3 - Not be declared bankrupt, unless he has rehabilitated
4 - Not be disqualified.
5 - Not be fired from his occupation by a sentence or a final punitive decision or a decision
taken to erase name from the register of any of the professions organized by the laws and
regulations for matters affecting the honesty or honour, unless at least three years has lapsed
since the issue of the sentence or decision.
6 - Non Egyptian actuaries shall not be registered in the prescribed register of actuaries unless
he is authorised to carry on the profession as an actuary abroad and he must submit the
documents specified in the executive regulation of this Act
Article 64 - An application form for registration in the actuaries register shall be submitted according to the terms and conditions specified in the executive regulation of this Act.
The applicant shall pay the fee fixed by the board of the Authority not exceeding LE 200
Registeration shall be accomplished by a decision of the chairman of the board of the Authority as well as it shall be erased in case of the actuary loses one of the requirements of the registeration or at his request, as well as if it is proved that he has furnished any information required according to the provisions of this Act which is false whether willfully or by gross negligence or if frequently non complied with the technical bases to carry on business.
Section 2
Insurance Consultants
Article 65 - The insurance consultants shall not carry on the business of insurance consultancy unless they are registered in the prescribed register at the Authority. A person entitled to be registered in this register must meet the following requirements :
1- He must obtain one of the following degrees or expertise:
a) a degree of Associateship or Fellowship from the Chartered Insurance Institute of
London.
b) a degree of Ph.D. in insurance or related sciences from a recognized university.
c) a degree from one of the universities or educational institutes equivalent to the certificates
mentioned in items (a,b) or other certificate approved by the Authority according to the
rules specified in the executive regulation of this Act
d) a university degree and a practical experience in the field of insurance activity for not less
than 15 years.
2 - He must have the prerequisites specified in article 63 (2-6) of this Act.
In the case of carrying out the consultancy service by a body corporate, a legal
representative of it must have these requirements.
Article 66 - An application form shall be submitted in the register of insurance consultants in accordance with the terms and conditions specified in the executive regulation of this Act. The applicant shall pay the fee fixed by the board of the Authority not exceeding L.E 200.
Registration will be made by a decision of the chairman of the board of the Authority. Also the expert registration shall be erased, if he lost one of the registration requirements, or at his request or if it is proved that he has furnished any information required in accordance with the provisions of this Act, which are inaccurate whether willfully or by gross negligence or if frequently non complied with the technical bases of carrying on the profession as a consultant.
Article 67 - Actions of insurance consultancy before courts or fields of arbitration shall be assigned only to the consultants registered in the prescribed register specified in article 65 of this Act.
Section 3
Loss Adjusters
Article 68 - In this Act a loss adjuster means every one who carries on the business or revealing the damages, evaluating them and studying their causes and the extent of cover under the policy and presenting suggestions for improving the protection methods against the risks and preserving the subject matter of insurance if he was asked to do so.
Loss adjusters shall not carry on their business unless they are registered in the prescribed register at the Authority.
The registration shall be valid for three renewable years. The applicant shall pay the fee fixed by the board of directors of the Authority not exceeding L.E 200 for registration and L.E 100 for renewal. The application form of registration or renewal shall be submitted according to the terms and conditions specified in the executive regulation of this Act.
Article 69 - A person entitled to be registered in the register of loss adjusters must meet the
following requirements
1 - He holds the qualifications and expertise in accordance with the executive regulation of this
Act.
2 - He holds the requirements specified in article 63 (2-6) of this Act
In the case of the business of loss adjustment is carried on by a body corporate the same
requirements of registration, renewal and withdrawal will be applied to the legal
representative of it.
Both registration and renewal are carried out by a decision of the chairman of the board of the Authority, as well as the registration will be erased by a decision of the board of the Authority if a loss adjuster loses one of the registration qualifications, or at his request or if it is proved that he has submitted survey or loss adjustment reports fraud implying or willfully including false information or if it is proved hat he has not been complied with the technical bases of carrying on the profession as a loss adjuster.
Article 70 - Insurance companies may not use loss adjusters other than those on their staff or the staff of the Cargo Supervision and Surveying Office of Egypt, unless they are registered in the prescribed register mentioned in article 68, with the exception of the cases requiring a special technical expertise, according to the requirements specified by the chairman of the Authority.
Section 4
Insurance Intermediaries
Article 71 - In this Act an insurance intermediary rneans everyone who intermediates to
effect insurance or reinsurance transaction.
Article 72 - Insurance or reinsurance intermediaries shall not practice their business unless their names are registered in the prescribed register at the Authority for this purpose, and non Egyptian intermediaries may not be allowed to intermediate in property and liability insurance transactions.
The registration shall be valid for three years to be renewed, at the request of the intermediary, who shall pay the fee fixed by the board of directors of the Authority not exceeding LE 100 in the case of registeration or renewal.
The registration or renewal application shall be submitted according to the conditions and provisions specified in the executive regulation of this Act.
Article 73 - An intermediary mentioned above in article 71 of this Act must meet the
requirements as follows :
1 - He holds the qualification or expertise specified in the executive regulation of the Act.
2 - He holds the provisions specified in article 63 (2-6) of this Act registration and renewal
shall be made by a decision of the chairman of the board of the Authority .
Also entry will be deleted if the intermediary lost any of the registration qualifications, or at his request, non renewal of his registration or if it is proved that he has acted in contravention to this Act or on the ground of fraud or gross negligence.
Article 74 - Insurance companies may not accept local insurance business from insurance intermediaries not registered in the prescribed register at the Authority. Producers staff working in insurance companies at the time of issuing this Act are exempted.
|
