Egypt’s FSA Becomes an Associate Member at IFIGS

The International Forum of Insurance Guarantee Scheme (IFIGS) has announced its approval to name the Egyptian Financial Supervisory Authority (EFSA) as an Associate Member at IFIGS.

Commenting on the IFIGS’ remarks, Sherif Samy – chairman of Egyptian Financial Supervisory Authority (EFSA), has stated that Egypt’s membership request comes in the light of the IFIGS’s key role in facilitating and promoting international cooperation between insurance guarantee schemes, and other stakeholder organisations with an interest in policyholder protection.

The Egyptian top official further referred in a statement released on Tuesday to the EFSA’s plans to launch a new fund to offer compensations for the policyholders, if the insurers were unable to fulfill their obligations, in accordance with Insurance Supervision and Control Law no. 10/1981. This would come in the light of the inception of the Egyptian Investor Protection Fund (EIPF) with the aim of ensuring securities investors against non-commercial risks originated from the activities of intermediary companies.

IFIGS was formed by a group of insurance guarantee schemes from around the world interested in sharing their experiences in providing policyholder protection in the event of an insurance company failure.