Egypt’s Mohandes Insurance Company is seeking to obtain regulatory approval within next week in order to launch its new subsidiary for life insurance, managing director Reda Fathy told Amwal Al Ghad.
Mohandes Insurance is set to hold around 99% a stake of the new company, Mohandes Life Insurance, he noted.
Fathy stated that his company awaits the approval of financial regulator, the Egyptian Financial Supervisory Authority (EFSA) so as to launch its new subsidiary (life insurance) within the coming week.
EFSA had informed in the last few months Mohandes Insurance to halt its life insurance activities in accordance with Law No. 118/2008.
Law No.118/2008 enforced Insurance Companies that merge between both insurance activities , life and non-life insurance; to detach them within 2 years from the date of issuing the law and this period can be extended but according to the EFSA`s approval.
Moreover, Fathy said after finalising the procedures of establishing the new company, a board of directors will be formed for Mohandes Life Insurance alongside a well-devised strategy will be outlined.