الهيئة العامة للرقابة المالية

• The decision aims to align pool governance and management with Unified Insurance Law No. 155 of 2024

Dr. Islam Azzam, FRA Chairman has issued a decision forming a committee to draft a unified model Articles of Association for insurance pools. The initiative aligns with the Unified Insurance Law No. 155 of 2024 while accommodating the specialized technical nature of each pool’s operation.

Under the decision, the committee is chaired by Dr. Tarek Seif, FRA Vice Chairman, with Counselor Reda Abdel Moaty, Senior Advisor to FRA Chairman, appointed as Vice Chair. The committee includes key FRA leaders and grants the Chair authority to invite external technical experts in a non-voting advisory capacity.

The new decision outlines 11 core responsibilities for the committee, key among which are evaluating the current Articles of Association across existing insurance pools, identifying operational similarities and differences, and defining areas requiring cross-pool standardization. Additionally, the committee will draft guidance rules governing administrative oversight, institutional governance, disclosure standards and conflict-of-interest controls

Additionally, the committee is tasked with defining membership criteria, member rights and obligations, and standardizing frameworks for general assemblies and board structures, including executive mandates and appointment conditions. The scope also covers establishing regulations for financial administration, investment management, internal controls and risk management.

The committee’s mandate extends to defining the framework for specialized internal committees—particularly audit, risk, and investment committees—setting dispute resolution mechanisms and drafting procedures for amending pool articles of association. Furthermore, the committee will draft the standardized Articles of Association, prepare the regulatory decisions required for formal adoption, and propose a transition timeline for existing insurance pools to align with the new model.

Five insurance pools currently operate in the Egyptian market: Nuclear Constructions Insurance Pool, Railways, Underground-Metro & Highways Accident Risks Insurance Pool, Civil Liability from Construction Insurance Pool, Compulsory Motor Third-Party Liability (MTPL) Insurance Pool and the Egyptian Travel Insurance Pool (EPTI).