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Two Ministerial Decrees were issued to establish two governmental insurance funds for students of Egyptian schools and Azhari education

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• Dr. Omran: Extending the umbrella of insurance protection for students of Egyptian schools and Azhari education is one of the pillars of FRA’s strategy

As part of implementing the State’s strategy to expand financial inclusion through providing insurance services and some social welfare services to students of Egyptian schools and Azhari education, Dr. Mohammed Omran, FRA’s Chairman revealed that Ministerial Decree no. 1583 and 1584 of 2019 were issued to establish two governmental insurance funds for students of Egyptian schools and Azhari education. He added that both Funds aim at providing an insurance protection for students against risks of natural or accidental death, physical injury , total or partial disability. The two Funds will cover the cost of conducting surgery and treatment not exceeding the stated limit.  In addition, Students of Egyptian Schools shall obtain social subsidies , especially those in some remote governorates.

Dr. Omran said that both Funds will be managed through two boards of directors, each consisting of a Chairman and six members, two of whom are experts in the field of insurance and approved by the Authority. He noted that the competent authority shall issue a decision on this regard. The Board shall be appointed for a term of three years renewable once. Also, he added that both Funds shall have Executives to manage the daily work of the two Funds.

Dr. Omran expressed his gratitude to Sheikh Ahmed El Tayeb, the Grand Imam of Al Azhar for his rapid interaction with FRA’s initiative to provide insurance for Azhar students. Also, Dr. Omran appreciates the support of Sheikh Al-Azhar to establish the Fund as it will provide insurance and medical care for Al-Azhar students.

 On the other hand, FRA’s Chairman stressed on Dr. Tarek Shawki, Minister of Education, effective role in restructuring the insurance system within the Ministry of Education in line with the goal of establishing a Fund for the care of Egyptian school students and expanding its financing base and management in accordance with good governance rules.  Dr. Omran added that Minister of Education depends on the actuarial basis upon calculating the resources and commitments while maximizing Fund’s return through adopting effective investment policies that generate a higher return hence, increase the amounts of insurance coverage for students of Egyptian schools in the future.

It is worth mentioning that establishing these two funds comes in light of the Authority’s efforts to implement the sixth axis of its comprehensive strategy for non-banking financial activities 2018-2022, which aims at “developing markets and services” by extending insurance coverage to broad segments of the Egyptian society and creating a social safety net against various insurance risks.
 

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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