Insurance
The insurance organizations in Egypt have been subjected to a strict organization. The law No. (92) of 1939, (which was issued after cancelling the Foreign Privileges), is the first law to perform this organization and then the law No. 156 of 1950 was enacted and the law No. (23) of 1957 to Egyptianize the insurance organizations.
When the unity between Egypt and Syria was declared the law No. 195 of 1959 was issued, which in its turn cancelled the law No. 156 of 1950 and replaced it in order to organize the supervision and control operations over the insurance activity in the United Arab Republic (Egypt and Syria). In 1966 the Insurance Administration and Saving Establishment were merged in the Egyptian General Insurance Establishment.
In 1975 the law No. 119 was enacted for 1975 and the establishment was cancelled and the Egyptian General Authority for Insurance was established by virtue of the Republican Decision No. 221 of 1976 to replace this Establishment and assume the supervision and control over the insurance in Egypt.
In 1981 the law No. (10) of 1981 regarding the supervision and control over insurance in Egypt was issued. It was amended by the law No. (91) of 1995 as well as the law No. 156 of 1998 regarding the Liberation of the Egyptian Market for Insurance and finally, the law No. 118 of 2008. The Egyptian Authority for Insurance Supervision and Control was the body entrusted with the control over the commitment to apply the insurance legislations in the Egyptian market. In 2009 the General Authority for Financial Control was established by the law No. 10 of 2009 to replace the central Authorities over the money markets insurance, real estate finance as well as the control over the finance lease activities, discounts and other non banking financial activities.
To ensure compliance of the foreign and local companies, operating in the insurance sector of all types and being in line with the law No. (10) of 2009, regarding the insurance and reinsurance companies and agents, the Group provides the following services:
- Consultations regarding life insurance, disability and senility
- Consultations regarding accidents insurance of all types and damages resulting from personal accidents, insurance against work accident, theft, car insurance and civil liability.
- Consultations regarding maritime insurance, including the damages that may occur to vessels including the shipment, goods, luggage and money, whether transported on land, by sea or in air.
- Consultation regarding insurance on capitals.
- Legal consultation to foreign companies which wish to practice the insurance or reinsurance business or to open branches in the A.R.E. and providing advise on the appropriate legal form for the entity to be opened.
- Legal consultations regarding the foreigners’ rights or obligation (corporation or natural person) in case of being a partner in a company, that practices the business of an insurance agent in the state of Egypt.
- Providing support and representing the Principal in all stages and insurance claims procedures and reverting to the various judiciary bodies.
