EFSA Receives Request For An Insurance License

By Administrator On Oct 1, 2012

The Egyptian Financial Supervisory Authority (EFSA) has received a request from Nazhy Ghalioum, former managing director of Al-Sharq Insurance Company, asking for a non-life insurance license to operate one of the public business sector companies.

The company has an authorized capital of EGP 500 million, issued capital of EGP 100 million and paid-up capital of EGP 50 million.

The company’s shareholders have discussed the final feasibility study last week. The company, which will have the name of Al-Sharq Al-Gadid Insurance, will receive an initial approval next month.

EFSA has received two other requests for non-life insurance licenses, but the regulator did not decide whether to give them initial incenses or not. There are about 32 insurance companies in Egypt.

The Egyptian Financial Supervisory Authority (EFSA) has received a request for a non-life insurance license, from Nazhy Ghalioum, former managing director of Al-Sharq Insurance Company.

The company has an authorized capital of EGP 500 million, issued capital of EGP 100 million and paid-up capital of EGP 50 million.

The company’s shareholders have discussed the final feasibility study last week. The company, which will have the name Al Sharq Al Gadid Insurance, will receive an initial approval next month.

EFSA has received two other requests for non-life insurance licenses, but the regulator did not decide whether to give them initial incenses or not. There are about 32 insurance companies in Egypt.