The Chairman of the Financial Supervisory Authority, Dr. Muhammad Omran, issued Resolution No. 291 of 2022 regarding justice by lifting the ban on currency exchange from current bank accounts to private insurance funds for employees of the judiciary and its supporting institutions.
Until the end of 2020, the number of private insurance funds registered with the FCA reached 756, of which 686 are employee funds and 70 funds are under liquidation, of which about 5 million are beneficiary members and a total annual payment of 9.7%. Private insurance funds at the end of 2020 invested 83.4 billion pounds, an increase of 10% on an annual basis.
It should be noted that in 2021 the total insurance premiums for insurance companies increased to about 47.5 billion pounds, an increase of 18.5% compared to 40.1 billion pounds in 2020, and the total compensation paid by insurance companies in the 2021 fiscal year increased by 23.4 billion pounds, compared to 18.8 billion in the previous year. the previous year, and increased by about 24.5% compared to the Egyptian pound.
It is stated that a private insurance fund is every system of any association, federation, group or individual, connected to a profession, company or any other social association, without capital, and the purpose of which, according to its articles of association, is to provide members or beneficiaries with compensation or benefits. Some financial benefits and regular wages or pensions.