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FRA approves the regulation of the workers' insurance fund in the two companies "Eleject" and the Canal for Ports

Counselor Reda Abdel Moati, Vice-President of the Financial Supervisory Authority, issued Resolutions Nos. 602 and 672 of 2021, approving the amendment of the statutes of the two private insurance funds for employees of the General Company for Electrical Projects “Eleject” and the Canal for Port Works.


The two decisions, which were published in the Official Gazette in issue No. 141 issued today, Thursday, stipulated:


It is noteworthy that the private insurance fund is every system in any association, union, body, or individuals linked by one profession, one job, or any other social connection that consists without capital and whose purpose, according to its articles of association, is to lead to its members or beneficiaries financial compensation or benefits. or periodic salaries or specified pensions.

The number of private insurance funds registered with the Financial Supervisory Authority reached 756 funds at the end of 2020, of which the worker amounted to 686 funds, in addition to 70 funds under liquidation, benefiting about 5 million members, with total annual contributions of 9.7 billion pounds at the end of 2020, and the value of investments is estimated Private insurance funds by the end of 2020 valued at EGP 83.4 billion, with a growth rate of 10% compared to the previous year.