EISA at a Glance

The insurance industry in Egypt plays an active and essential role in protecting individuals, projects, properties and fulfilling its responsibilities through paying claims to insurance policyholders.

Besides, the insurance industry can finance a number of projects and industries through accumulated premiums, which are essential for the Egyptian society in order to achieve its ambitious goals for better future.

The first Egyptian insurance supervision and control law was issued in 1939. Then Act no. 156 of 1950 was issued to be considered an actual step towards imposing effective supervision working in it.

As time goes through in the light of changes that occurred at that time and in order to help the insurance industries to cope with these changes and as a result of all this the law of Insurance Supervisory and control in Egypt was issued on 5^th. March 1981, Act no.91 of 1995 and Act no.156 of 1998.

According to Act no. 10 of 1981 The Egyptian Insurance Supervisory Authority was established- an independent body corporate with the headquarters in Cairo. This actually shall have the competence to supervise and control the insurance activity in Egypt whether at the establishment, during transaction, or at the termination of the business.

EISA supervises and controls insurance, reinsurance and cooperative societies transacting insurance business in Egypt whatever its instrument of establishment, in addition to the professions related to insurance such as intermediaries, insurance consultant, actuaries, surveyors and insurance auditors.

In the light of free market mechanisms, transparency, achieving the market’s stability, creating a good competitive environment for insurance companies to provide any new brand for the Egyptian citizen with competitive prices – All this in addition to EISA ‘s exerted efforts to achieve the following main objectives:-

	To protect the rights of insurance policyholders, the beneficiaries and third parties.
	To secure the achievement of the economic and social objectives of insurance activity and preserving the national savings and the foreign currency resources from flowing abroad.
	To secure the soundness of the financial positions the insurance market units, coordinating among them and preventing any conflict between them.
	To participate in developing insurance awareness in the country.
	To support the insurance markets and develop it.
	To strengthen the ties of co-operation and integration with the other control and supervisory authorities at the Arab, African and world level.
	To promote the insurance professions and to contribute effectively to the availability of the expertise.

In order to complete EISA’s supervisory role to control and supervise all insurance activities in the Egyptian society, EISA supervises the following institutions: -

	The governmental insurance fund to insure the risks which the postal services are exposed to.
	The cooperative insurance fund for shipping boats related to cooperative societies of water fortune and its members.
	- Private pension funds subject to Act no.54 of 1975. The number of these funds exceeded 600 fund, their members are more than a half million member, and the amount of their assets equals to 10 billion L.E. approx.
	- Besides EISA manages the governmental fidelity insurance fund.

Protecting policyholders ……… is our Responsibility.

EISA has an active and effective role in the field of policyholder rights and its beneficiaries. In order to achieve this goal, EISA established the general department to serve policyholders to receive consumers’ complaints, examine them, to give their opinion, and settle them without prejudice to policyholders’ right to resort to court.

In case of dispute between insurance consumers and insurance companies, EISA studies the dispute between the different parties and settle it, by submitting it to a committee called “ dispute settlement committee” formed according to the provisions of the executive regulations of Act no. 10 and its amendments.

EISA at a Glance

In order to complete EISA’s supervisory role to control and supervise all insurance activities in the Egyptian society, EISA supervises the following institutions: -

The cooperative insurance fund for shipping boats related to cooperative societies of water fortune and its members.

- Private pension funds subject to Act no.54 of 1975. The number of these funds exceeded 600 fund, their members are more than a half million member, and the amount of their assets equals to 10 billion L.E. approx.

- Besides EISA manages the governmental fidelity insurance fund.