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Financial Supervision: Extends the term of liquidation of the Union of Shareholders of the Land Reclamation Company


Dr. Mohamed Farid, Chairman of the Financial Supervisory Authority, issued Resolution No. 1814 of 2022, extending the term of liquidation of the Union of Contributing Workers (under liquidation) in the State Company for Land Reclamation, Development and Reconstruction.

The first article of the decision, of which “Youm7” obtained a copy, stipulates that the liquidation period for the Egy Trend Financial Consulting Company will be extended to complete the liquidation work of the Union of Contributing Workers (under liquidation) in the General Company for Land Reclamation, Development and Reconstruction for a period of 3 years or until completion From the liquidation work, whichever is closer, with a fee of 1.75% of the liquidation funds actually collected, with the assistance of an assisting committee from the Board of Directors of the previous union, and a commitment to implement the provisions of the Capital Market Law No. 95 of 1992 and its executive regulations and the decisions issued in implementation of them, the relevant laws and the provisions of the articles of association The Federation, and the notes received by the Authority’s ratification of the minutes of the Federation Assembly on June 11, 2022.

The second article stipulates that the liquidator must notify the legal representative of the company in which the union is established, and publish it in the Egyptian Gazette at the expense of the union, and provide the authority with the measures taken in connection with the liquidation.

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.

The value of the collected premiums for property and liability insurances during the period from January to July of 2022 amounted to about 31.8 billion pounds, compared to 28.4 billion pounds during the same period in 2021, with a growth rate of 12.2%, and the total compensation paid by insurance companies amounted to 15 billion pounds during the period from January to July 2022 compared to EGP 12.8 billion during the same period in 2021, with a growth rate of 17.3%.

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