Non - Banking Financial

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Egypt is a member of regional and international insurance associations and organizations, such as:

• General Arab Insurance Federation (GAIF)

• Federation of Afro-Asian Insurers (FAIR )

• International Association of Insurance Supervisors (IAIS)

• Association of Insurance Supervisors in Developing Countries (AISDC)

• African Insurance Organization (AIO)

• International Organization for Pension Supervisors (IOPS)

• D8


The following are snapshots of some of these federations

1. Membership to IAIS

The Authority has been a member of the IAIS since 2005. The Association was established in 1994 as an international organization with a membership of 190 supervisory and regulatory entities in 140 states worldwide. Insurance premiums of member states are estimated to be 97% of total premiums worldwide.

The IAIS aims at the following:

• Cooperation among members to ensure the highest regulatory and organizational levels for the insurance industry at the domestic and international level to maintain the efficiency, integrity, fairness and stability of insurance market with the purpose of protecting policy holders.

• Consolidating efforts for institutionalization of efficient levels of regulation through exchange of information and expertise to enhance regulatory approaches in markets worldwide

• Ensuring integrity and stability of international financial markets

Egypt’s contribution to the activities of IAIS

The FRA contributes to several activities through the membership of Dr. Adel Moneer, the Deputy Chairman in the executive committee. He also works as a deputy chairman of the market ethics committee.

Some FRA staff members are members in the following committees:

• Solvency committee

• Re-insurance committee

• Micro-insurance committee

2. Arab Forum of Insurance Regulatory Commissions chaired by Egypt

This forum was founded in Amman, Jordan, on 7/ 9/ 2007. The founding states, as well as those that joined later, realized the importance of boosting the role of such authorities in regulation of the Arab insurance markets and development of the insurance industry there. For that purpose, an institutional Arab framework should aim at ensuring harmony among regulatory and supervisory frameworks in the Arab markets, pumping up the level of exchange of information and supervisory expertise, and providing technical assistance in that field, taking into consideration the quick-paced developments the Arab insurance industry is witnessing and the several challenges globalization and economic openness have created.

Objectives of the forum are as follows:

• Strengthen communication and cooperation among Arab authorities mandated with the supervision and regulation of insurance activities with the purpose of enhancing such activities in the Arab insurance markets.

• Strengthen communication and cooperation in the field of development of organizational, supervisory and regulatory frameworks and standards for organizing and development of insurance operations in the Arab insurance markets

• Support efforts of cooperation among Arab authorities for supervision and regulation of insurance operations through exchange of information and expertise, as well as joint programs for provision of technical assistance and training staff of such authorities.

• Strengthen cooperation with IAIS and other relevant international and regional organizations

• Encourage the forum members to sign understanding memos with member authorities regarding joint cooperation mechanisms

Egypt, represented in the Chairman of FRA, Dr. Adel Moneer, chairs the current term of the forum for two years (3/ 4/ 2009- 2/4/ 2011). The deputy chairman of the current term is Mr. Waleed Genadry, director of the committee for regulation of guarantee authorities, the Lebanese Ministry of Economy and Trade.

Forum vision

The forum aims at organizing of the insurance sector in member states by promoting cooperation, enhancing transparency, and adoption of international standards.

Forum mission statement

Supporting efforts geared towards achievement of conformity and harmony among systems for supervision and regulation of insurance operations in the Arab countries by supporting members’ application and adoption of international standards for supervision and regulation of insurance activities.

Forum members

Member states who founded the forum are:

- Hashemite Kingdom of Jordan, Insurance Authority ( www.irc.gov.jo )

- United Arab Emirates, Insurance Authority (www.economy.ae )

- Kingdom of Bahrain, Central Bank of Bahrain ( www.cbb.gov.bh )

- Tunisia, General Authority for Insurance

- Saudi Arabia, Saudi Arab Monetary Agency (www.sama.gov.sa )

- Syria, Insurance Supervision Authority (www.sisc.sy )

- The Sudan, Insurance Regulation Authority

- Sultanate of Oman, Capital Market Authority (www.msm.gov.om )

- State of Palestine, Capital Market Authority (www.cma.gov.ps )

- Qatar, Ministry of Economy and Trade (www.mec.gov.qa )

-Kuwait, Ministry of Trade and Industry

- Lebanon, Committee for Regulation of Guarantee Authorities, Ministry of Economy and Trade (www.economy.gov.lb )

- Libya, Authority for Supervision of Insurance

- Egypt, FRA (www.eisa.com.eg )

- Mauritania, Ministry of Trade, Traditional Industry and Tourism

- Yemen, Ministry of Industry and Trade

The forum accomplished several achievements, the most important of which are:

1. Strategy of the forum operation

This strategy has been approved for the efficient organization of the future work of the forum through developing annual work programs that determine its work in an institutional and constant manner. Among the top objectives of the strategy are enhancement of standards of supervision and regulation of the insurance activities of member states to make them conform to international standards and practices adopted by world supervisory and regulatory authorities.

The strategy for the forum operations has been prepared and translated in preparation for approval and adoption as an official document for the forum.

2. The website of the forum

A website for the forum has been developed and updated. It can be accessed through the following hyperlink:


3. The educational program for staff of insurance supervision and regulation authorities

The educational program for staff in authorities for supervision and regulation of insurance operations aim at the following:

• Develop cadres and expertise at the insurance supervision and regulation authorities in Arab countries

• Develop skills and capacities of those assigned to undertake this role.

• Help insurance regulators to be updated about what is new and develop their capacities for developing the control systems in markets they belong to.

• Build their capacities to address future challenges in supervision and regulation.

• An agreement was made with Bahrain Institute for Banking and Financial Studies (BIBF) to prepare the curricular modules of the program.

4. Cooperation with IAIS

• Most of the states member to the forum joined the IAIS.

• Many representatives of the states member to the forum joined the different committees of the IAIS.

• It was agreed to reconsider the international standards for insurance that were published by the IAIS given the developments that occurred in the non-banking market in the last years.

5. Formation of the technical committee mandated with study of the 1975 agreement on the unified insurance card for passage of vehicles across Arab countries

The technical committee was formed to study the 1975 agreement on the unified insurance card for passage of vehicles across the Arab countries. Egypt is a member to this committee. The work plan of the committee was adopted and the necessity for coordination with the GAIF was stressed.

6. Committee for capital adequacy and preparation of financial reports

In pursuit of achieving harmony among member states regarding regulatory frameworks related to solvency, members agreed to form a committee for capital adequacy and preparation of financial reports to be chaired by Egypt and have Jordan, Saudi Arabia, Oman and Lebanon as members. The purpose is to develop a standard form to calculate capital adequacy, and solvency margin for Arab insurance markets based mainly on Solvency II standard. The committee was also mandated to develop a model for preparation of corporate financial reports based on the IFRS, and to take samples from the insurance markets in the member states with the purpose of studying and submitting findings to the meeting of the next forum session to approve a specific model, while taking into consideration the different conditions in the international and Arab markets.

7. Membership of the D8 (eight country group)

Egypt has been a participant in the D8 since its establishment in 1997. The D8 is an economic bloc composed of 8 countries including Egypt, Indonesia, Malaysia, Pakistan, Nigeria, Iran, Turkey and Bangladesh. It was formed in anticipation of the challenges of globalization and open markets and expected competition involved.

Egypt is playing a leading role inside the D8 through chairmanship of the committee of infrastructure of insurance, which aims at enhancing the infrastructure of insurance markets in these countries in general and solidarity insurance in particular.


? In 1981, the COMESA agreement started as a preferential trade zone with the purpose of establishing a free trade zone among the member states to develop into a customs union, then a common market. In December 1994, the agreement took its current form. Egypt joined the COMESA in 1998.

? Egypt joined the agreement for liberalization of services trade among COMESA member states (i.e. States of Eastern and Southern of Africa). It participates in the project for evaluation of service sectors in member states.

? Number of COMESA members is 19 after withdrawal of Angola and Tanzania. Members include Burundi, Comoros, Democratic Congo, Djibouti,, Egypt, Eretria, Ethiopia, Kenya, Libya, Madagascar, Malawi, Mauritius, Rwanda, Cecil, Sudan, Swaziland, Uganda, Zambia, and Zimbabwe.

? Regarding relation between COMESA states and the World Trade Organization, the number of COMESA states which joined the organization is 13. They are Burundi, Democratic Congo, Djibouti,, Egypt, , Kenya, Madagascar, Malawi, Mauritius, Rwanda, Swaziland, Uganda, Zambia, and Zimbabwe. There are another 5 countries in the phase of accession to WTO: Comoros, Ethiopia, Libya, Cecil, and Sudan.

? After liberation of services trade, which is one of the objectives of the COMESA Agreement, it aims at establishing a unified region for free movement of commodities, services, capitals, and labor among its members. Therefore, during the 12th meeting of the prime ministers of the COMESA states on November 30th, 2001 in Lusaka, Zambia, it was affirmed that it was necessary that the COMESA Secretariat develop a draft regional agreement for liberalization of services trade, listing the subject of services trade on the agenda of subjects to be discussed in the trade and customs committee.