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Financial control approves the amendment of the regulations of the private insurance fund for the experts of the Ministry of Justice

Dr. Mohamed Farid Saleh, Chairman of the Financial Regulatory Authority, issued Decision No. 2163 of 2022, regarding approving the amendment of the articles of association of the Special Insurance Fund for experts of the Ministry of Justice.

The first article of the decision, of which the seventh day obtained a copy, stipulated:

Insurance fund for experts at the Ministry of Justice (1)
Insurance fund for experts at the Ministry of Justice (1)

Subscriptions and joining fee
Subscriptions and joining fee

Fund insurance benefits
Fund insurance benefits

Insurance fund for experts of the Ministry of Justice
Insurance fund for experts of the Ministry of Justice

The value of premiums collected for property and liability insurance during the period from January to September of 2022 amounted to about 42.4 billion pounds, compared to 37.6 billion pounds during the same period in 2021, with a growth rate of 12.4%, and the total compensation paid by insurance companies amounted to 19.7 billion pounds during the period from January to September of 2022 compared to EGP 16.7 billion during the same period of 2021, a growth rate of 18.1%.

It is noteworthy that the number of registered private insurance funds amounted to 764 funds at the end of 2021, of which the worker reached 694 funds, in addition to 70 funds under liquidation, benefiting about 5 million members, with total annual subscriptions of 13.6 billion pounds at the end of 2021, and the value of investments amounted to Private insurance funds at the end of 2021 amounted to 102.3 billion pounds, with a growth rate of 19.5% compared to the previous year.

It is mentioned that the private insurance fund is every system in any association, syndicate, body, or individuals linked by one profession, one work, or any other social connection that consists of no capital, and the purpose of which, according to its articles of association, is to pay compensation or beneficiaries to its members or beneficiaries. Financial benefits, periodic salaries, or specific pensions.

Insurance funds related to the insurance sector, which are a form of savings tools, and they are special insurance systems, which are registered in the register established for this purpose in the Authority, so that they become separate from the entity that establishes them, and they are formed for the purposes of granting benefits to a group of workers in the entity establishing the fund, and they are In the form of insurance benefits, additional pensions, social benefits, or healthcare.

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