EFSA Withdraws Life Insurance License From Al Mohandes
Published Tuesday, 14 August 2012 13:05 | Written by Sherine Taha
Al Mohandes Insurance Company will not be authorized to conduct life insurance business as the Egyptian Financial Supervisory Authority (EFSA) will approve a decree preventing the company from conducting such service within the few next days, in accordance with the law no. 18 of 2008 which obligates insurance companies to split life insurance activities from non-life insurance activities within two years from the date of issuing the law.
EFSA is withdrawing Al Mohandes’ license of life insurance activities until the company finalizes the procedures of separating the life insurance activities from non-life insurance activities.
Al Mohandes Insurance Company received the cabinet’s approval over acquiring 99% of the issued capital of Al Mohandes Life Insurance Company last February and also got EFSA’s approval over establishing Al Mohandes Life Insurance Company last January.
It is worth mentioning that Al Mohandes Insurance Company sought to conduct vertical split pursuant to the provisions of article 27 of Law no. 118 of 2008 and in accordance with EFSA’s BOD decision no. 124 of 2010 regarding rules and procedures governing split of listed companies.