Dr. Mohamed Farid Saleh, Chairman of the Financial Regulatory Authority, issued Decision No. 2154 of 2022, regarding approving the amendment of the bylaws of the Social Welfare Fund for Customs Employees.
The first article of the decision, which was published in the Official Gazette in Issue No. 4 issued today, Wednesday, stipulates:
Terms of membership and subscriptions
Subscriptions and joining fee
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, a growth rate of 19.5% compared to the previous year.
It is stated that the private insurance fund is every system in any association, syndicate, body, or individuals linked by one profession, one business, or any other social connection that consists of non-capital, and whose purpose, according to its articles of association, is to pay to its members or beneficiaries compensation or 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.