Financial Supervision: Extending the term of liquidation of the insurance fund for employees of the Arab Cotton Ginning Company

Dr. Mohamed Farid, Chairman of the Financial Supervisory Authority, issued Resolution No. 1532 of 2022, extending the term of liquidation of the insurance and fellowship fund for employees of the Arab Cotton Ginning Company, starting from August 1, last, provided that the liquidation committee will be composed of Mohamed Saber Ismail as chairman, and the membership of each of Abdel Nasser Abdel Nasser Allah Mahmoud, and Muhammad Abdul Halim Shahat are two members, and the committee may seek the assistance of whomever it deems appropriate to end the liquidation work.

The decision specified the duration of the fund’s liquidation for 6 months, starting from August 1, last, or until the completion of the fund’s liquidation work, whichever comes first..

It is noteworthy that the number of registered private insurance funds amounted to 764 funds at the end of 2021, of which the worker amounted to 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 by the end of 2021 value 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, union, body, or of individuals linked by one profession, one job, or any other social connection that consists without capital, and whose purpose, according to its statute, is to pay compensation or benefits to its members or beneficiaries. Specific financial benefits, periodic salaries, or pensions.

The insurance funds related to the insurance sector, which are a form of savings tools, are special insurance systems, which are registered in the registry established for this purpose in the Authority, so that they become separate from the entity that created them, and are created for the purposes of granting benefits to a group of employees of the entity that created the fund. In the form of insurance benefits, ancillary pensions, social benefits, or health care.

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