The Cooperative Insurance Society – Egypt will discuss the budget of FY 2011/2012 ended on last June 30th in its meeting next week. The budget will be sent to the Egyptian Financial Supervisory Authority (EFSA) after being discussed by the board of directors and approved by the general assembly, an official source said.
The Cooperative Insurance Society – Egypt posted a budget deficit in FY 2011/2012, as it did not issue large number of insurance policies in this period, the source added. EFSA may not allow the Society to restart the issuance because of this budget deficit.
Number employees at the Society held a protest in last July, asking EFSA to approve the Society’s request to issue policies. In addition, elections of board of directors were held as EFSA demanded.
Abdel Monem Bakheet was elected as a chairman and Ali Shaker and Nazhy Ghalioum were elected as senior members. In addition, Nabil Helmy, Ahmed Fouad, Hassan Kamal, Shaimaa Mohamed, Mohamed El Shafei, Taher Salah El-Din, Alaa Gamal were chose as members of the board.