FRA issues a decision to liquidate the business of the United General Insurance Company

Dr. Mohamed Farid, Chairman of the Financial Supervisory Authority, issued Resolution No. 1549 of 2022, liquidating the business of the United General Insurance Company, in accordance with the rules contained in the Authority’s Board of Directors Resolution No. 96 of 2022 in its session held on August 31, to appoint Dr. Ahmed Mustafa Shawky ( Mazar-Mustafa Shawky Office for Accounting and Auditing) liquidates the company’s business and has his name published in the commercial register and the companies’ newspaper.

The decision specified that a tripartite committee be formed to supervise the liquidation work and follow up its work, from each of the advisor, Raed Jaafar Al-Nafrawi, the legal advisor to the Egyptian Insurance Federation as chairman, and each of Othman Shehata, an independent financial advisor in the insurance sector, and Mohamed Zahran, the executive director of the Travel Insurance Group, as two members, and the liquidator must: He shall immediately present to the committee all the procedures he takes to complete the liquidation of the company’s business.

The liquidator’s fees were set at EGP 100,000 annually (not including value added tax), in addition to other expenses related to finalizing liquidation procedures that are proven by official receipts, and the liquidation period will be (6 months) from the date of this decision, and this period may be extended for other periods with the approval of the Board of Directors. Financial Supervisory Authority.

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.

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