Omran: Private insurance funds provide optional coverage for more than 4.6 million family men
Omran: The Authority has supervision over 600 insurance funds across different governorates in the Republic
Dr. Mohammed Omran – EFSA’s Chairman stated that for the third time in a row, Egypt has won the membership of the Executive Committee of the International Organization of Pension Supervisors (IOPS) for the coming period 2018-2019. That is after the elections that were held in the capital of Mauritius to select the members of the Committee during the (IOPS) current meetings, where 74 countries of the (IOPS) member states were elected for the membership of the committee.
Dr. Mohammed Omran stressed that upon supervising private insurance funds – which offer optional insurance coverage for a wide range of employees – EFSA depends on the basis of risk control to ensure the financial stability of the Fund and the application of governance and sound management rules, and ensuring the abidance by the basic rules and regulations governing the work of each insurance fund. Also, He points out that the number of private insurance funds in Egypt exceeds 600 funds spread across the governorates of the Republic, with a membership of 4.6 million members where the volumes of investments exceed 60 billion.
Counselor /Reda Abdel Moaty- Deputy Chairman and EFSA’s representative announced that Egypt’s third consecutive year in the Executive Committee was an appreciation of its effective role in developing the legislative regulations related to the activities of private insurance funds and protecting the rights of its clients.
He added that the Authority is keen to improve the private insurance funds to be a regional model through increasing the ability of the Funds to meet their financial obligations and to maximize its performance taking into account the international standards in the field of supervising and regulating the funds’ activity and raising its administrative and technical capacity through upgrading its human resources.
It is worth noting that the Executive Committee of the International Organization of Pension Supervisors (IOPS) includes IOPS President, his Deputy, the Treasurer and 12 Member States. The said committee is one of the most important committees which is assigned to manage the Organization’s affairs and follow-up all that is related to private insurance funds on the international level.