The Insurance Federation of Egypt (IFE) plans to study ways to amend the main system of the Federation, said Abdel Raouf Kotb, the Chairman of IFE.
The insurance companies in Egypt will be asked to send their suggestions about amending the articles of the main system which was issued in 2009. The recommendations of the companies will be studied and discussed in the meeting of the board of directors of IFE.
Amending the main system is important to make in compliance with the developments in the insurance market in Egypt in the last years.
An official source at an insurance company stated that the main system of IFE is in need for some changes as its articles were set according to the nature of the Egyptian insurance market in 2009. The market has witnessed many developments which necessitate implementing some amendments in the main system, he added.
Increasing the number of the members of the board is a must as it is not logical that only seven members can represent 33 insurance companies, the official added, stressing on the importance of sending the meeting minutes of IFE to all insurance companies, instead of sending it only to the companies which have members in the board.
It is worth mentioning that the main system was set in 2009 and it includes 39 articles. The article no. 20 states that the chairman and the deputy chairman shall be one representing life insurance companies and societies and another representing non-life insurance companies and societies. The board of directors shall consist of seven members representing insurance companies and societies.
