The Financial Regulatory Authority (FRA) announces the opening of nominations for insurance companies registered with the FRA to apply for membership on the Board of Directors of the Policyholders and Beneficiaries Protection Fund at Insurance Companies, in accordance with the provisions of Article (14) of the Fund\u2019s Statutes, issued pursuant to Prime Ministerial Decree No. 2734 of 2018. Applications for nomination will be accepted starting one week from the date of publication of this announcement and will remain open for a period of one week, in accordance with the rules and procedures set forth in FRA Board Resolution No. (3) of 2019, including, inter alia, the following:
\nFirst: Eligibility Criteria for Companies Entitled to Nominate a Representative:<\/p>\n
\u2022 The company must have settled all due subscriptions and obligations payable to the Fund as of the latest due date preceding the submission of the nomination application.
\n\u2022 The company must not have been subject to any of the measures stipulated under Article (201) of the Unified Insurance Law issued by Law No. 155 of 2024 in connection with its business activities, unless at least two years have elapsed since the enforcement of such measure or remedy of the violation, whichever is earlier.
\n\u2022 The company must not have previously required intervention by the Fund to cover its obligations due to failure to meet them on their due dates, unless at least six years have elapsed since the date of such intervention.
\n\u2022 The company must not have had its policies transferred or its operations suspended.<\/p>\n
The relevant time periods referenced above shall be calculated from the closing date for submission of nomination applications.<\/p>\n
Important Note: A member company of the Fund, its affiliates, or companies under the effective control of the same natural or legal person may not nominate more than one candidate for membership on the Board of Directors of the Fund.
\nSecond: Eligibility Criteria for the Individual Representative of the Company<\/p>\n
\u2022 The candidate must be of good reputation and sound conduct.
\n\u2022 The candidate must not have been convicted of a felony or any crime involving moral turpitude or breach of trust, or any of the offenses stipulated in the Companies Law (joint-stock companies, partnerships limited by shares, and limited liability companies), or in the laws regulating non-bank financial activities.
\n\u2022 The candidate must hold a university degree from an Egyptian institution or an equivalent degree from a foreign university duly recognized by the Supreme Council of Universities.
\n\u2022 The candidate must have no less than fifteen (15) years of experience in insurance, related disciplines, or legal fields.
\n\u2022 The candidate must be either the Chairman of the Board of Directors or the Managing Director of the nominating company.
\nThird: Procedures<\/p>\n
Nomination applications shall be submitted to the Office of the Chairman of the FRA, duly signed by the Chairman of the nominating company. Each application shall be recorded in a dedicated register indicating the date and time of submission, and the applicant shall be provided with proof of submission.
\nThe nomination application must be accompanied by the following documents:<\/p>\n
\u2022 A declaration confirming that the candidate satisfies the requirement set out in item (1) under \u201cSecond,\u201d together with a criminal record certificate in relation to item (2).
\n\u2022 A certified copy of the candidate\u2019s academic qualification, stamped by the employer, evidencing compliance with item (3).
\n\u2022 A signed statement from the candidate detailing prior professional experience, including employers, nature of work, and duration, in accordance with item (4).
\n\u2022 A signed undertaking by the candidate not to combine membership of the Fund\u2019s Board of Directors with membership of the Board of Directors of the Egyptian Insurance Federation.
\n\u2022 A certificate issued by the Fund confirming that the nominating company has fulfilled the requirements under items (1) and (3) of \u201cFirst.\u201d
\n\u2022 A certificate issued by the FRA confirming that the nominating company has fulfilled the requirement under item (4) of \u201cFirst.\u201d
\n\u2022 A declaration supported by relevant documentation confirming that the candidate satisfies the requirements set out in items (4) and (5) under \u201cSecond.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The Financial Regulatory Authority (FRA) announces the opening of nominations for insurance companies registered with the FRA to apply for membership on the Board of Directors of the Policyholders and Beneficiaries Protection Fund at Insurance Companies, in accordance with the provisions of Article (14) of the Fund\u2019s Statutes, issued pursuant to Prime Ministerial Decree No. …<\/p>\n<\/div>","protected":false},"author":7,"featured_media":18747160,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-no-icon-right-sidebar.php","format":"standard","meta":[],"categories":[2139],"tags":[],"posts_year":[],"_links":{"self":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/posts\/21279475"}],"collection":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/comments?post=21279475"}],"version-history":[{"count":2,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/posts\/21279475\/revisions"}],"predecessor-version":[{"id":22590877,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/posts\/21279475\/revisions\/22590877"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/media\/18747160"}],"wp:attachment":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/media?parent=21279475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/categories?post=21279475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/tags?post=21279475"},{"taxonomy":"posts_year","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/posts_year?post=21279475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}