The head of the financial control decides to liquidate the workers insurance fund of the Alexandria Trading Company

Dr. Mohamed Farid, Chairman of the Financial Supervisory Authority, issued Resolution No. 1851 of 2022, regarding the liquidation of the private insurance fund for employees of the Alexandria Commercial Company.

The first article of the decision stipulated that the private insurance fund for the workers of the Alexandria Trading Company would be liquidated as of August 28, 2022, and a committee was formed to liquidate the fund with Tamer Adel Abdel Rahman Mahmoud as the head of the committee, and Hussein Abu Hashima Ragheb and Haitham Ezzat Abdel Aziz as members of the fund.

The Financial Supervisory Authority has set the liquidation period for 6 months from the date of the Authority’s decision to liquidate the fund or until the completion of the fund’s liquidation process, 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 contributions 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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