Private insurance funds assets hit $6bn in FY2014-15: Egypt regulator

The total assets of private insurance funds rose by 10 percent to hit 48.2 billion Egyptian pounds (US$6.1 billion) during fiscal year 2014-15 versus 43.8 billion pounds a year earlier.

Sherif Samy – chairman of the Egyptian Financial Supervisory Authority (EFSA)- said Monday that the total number of insurance funds registered at EFSA reached 625 with 4.608 million members in fiscal year 2014-15.

He made these remarks during the Training Seminar for Private Insurance Funds which is organised by EFSA.

EFSA has granted licences for around 18 new investment fund to work in private insurance funds field, the chairman clarified.

Samy stated that the activity of private insurance funds is witnessing great development since the volume of private insurance funds in the Egyptian market reached 44 billion pounds

EFSA’s chairman noted that the authority has finished the latest amendments to the Executive Regulations and the rules issued at the middle of 2015

New updates were occurred in funds’ governance  and new requirements related to investment’s management were added, besides signing contacts with portfolio management companies .

Also, the new amendments allow signing contracts with Management Services Companies to manage members’ registry and fees registry and other information to be given to the members besides distributing bulletins and calling for   general assembly’s meetings.

According to Shahinaz Rashad -executive director of Financial Services Institute (FSI)-, the training seminar include numbers of sessions to introduce the rules that the funds must abide by to adjust its positions.

The seminar also  includes an explanation of all the regulations issued by EFSA . It will open discussions among funds’ managers ,  EFSA’s experts and other leaders of Portfolio Management Companies and Management Services’ Companies.