Introduction of the Egyptian Pool for Travel Insurance and its activities
The insurance Pool was founded as the Egyptian Pool for Travel Insurance in the Arab Republic of Egypt pursuant to the provisions of the Insurance Supervision and Regulation Law No. 10 of 1981 and its executive regulations and amendments and other laws in force. Provided that, the Pool will begin conducting its actual activities, after the Financial Regulatory Authority (FRA) issues its decision, to establish the Egyptian Pool and to register it in the insurance Pools record in the authority among insurance companies and cooperative insurance societies licensed by the Authority to issue travel insurance policies.
Each insurance company or cooperative insurance society, licensed by the Authority to practice insurance against the risks of various accidents, is considered a member of the Pool as soon as it has been registered in the Financial Regulatory Authority (FRA) and it must provide the Pool with its registration decision and the names of its board directors.
the approval of the general assembly of the Pool for the company or the co-operative insurance society share, provided that the affiliated companies and co-operative insurance society do not have any rights in the assets of the Pool within the period preceding the date of joining, and they do not bear any obligations owed by the Pool within the same period. The company or the co-operative insurance society starts to share the risks from the date of
No insurance company or CO-OPERATIVE INSURANCE SOCIETY authorized to carry out travel insurance on passports issued by the Ministry of Interior affairs. They shall not issue this type of policies in any form outside the Pool. This shall not prejudice the entitlement of the insured beneficiary to conclude the travel insurance policy supplemented by the additional coverage to any insurance company and insurance Pool’s authorized by the Authority to issue travel insurance policies