Egypt: Policyholders Protection Fund to support insurance training programme
Source: Middle East Insurance Review | Sep 2024
Egypt prime minister Mostafa Madbouly has issued a directive that part of the money in the Policyholders Protection Fund (PPF) be used for training and educational programmes for the Egyptian insurance market.
The proportion to be allocated to training and education is up to 1% of the funds available in the PPF as of the fund’s latest approved annual financial statements.
The PPF is to prepare quarterly financial statements to show its financial position and business results within 45 days from the date of the previous quarter accompanied by the statements by the board of the PPF and submitted to the FRA within 15 days from the date of their preparation.
The decision also states that the PPF must prepare its annual financial statements within four months from the end of the fiscal year and that they must be approved by the PPF board and submitted to the authority, along with the auditors’ report, within one month from the date of their preparation.
The PPF was set up to protect policyholders or their beneficiaries when their insurance provider is unable to fulfil its obligations in the event of bankruptcy, liquidation or revocation of its licence. M