Insurers Suggest Extending Term Of IFE’s BoD To 4 Years

The Insurance Federation of Egypt’s (IFE) statute amendment committee held its first meeting last week to listen to the suggestions of insurance companies concerning amending the statute, sources said.

The most prominent suggestion was increasing the term of IFE’s board of directors from two years to four years, sources added.

The main purpose of forming such committee is reconsidering the strategy of constituting the board of directors and its term, but the committee did not tackle this article in its meeting as it discussed three articles only out of 33 articles, sources noted. The committee has also set a work plan to achieve its goals in the upcoming period.

The committee will hold its next meeting on Tuesday to discuss the rest of suggestions presented by insurance companies.

It is worth mentioning that IFE’s statute amendment committee is comprised of Abdel Raouf Kotb, chairman of IFE and managing director of Egyptian Saudi Insurance House; Adel Moussa, chairman of Misr Insurance Company; Alaa El-Zoheiry, managing director of Arab Misr Insurance Group (AMIG); Hassan Darwish, managing director of Royal Insurance Company; Rabih Abdel Khalek, managing director of MetLife Alico Life Insurance; and Raed El-Nafrawy, legal adviser at IFE.