Dr. Mohamed Farid, Chairman of the Egyptian Financial Supervisory Authority, issued Resolution No. 1571 of 2022, regarding the approval of the amendment of the bylaws of the articles of association of the private insurance fund for employees of the Egyptian Ferroalloys Company.
The text of the decision, of which the “Seventh Day” obtained a copy, states:
The Egyptian Ferroalloy Company Fund
Membership Terms and Subscriptions
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, work and one or any other social relationship that consists without capital, and whose purpose, according to its statute, is to lead to its members or beneficiaries compensation or 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, additional pensions, social benefits, or health care.