Introduction
Initiated the establishment of the Insurance Federation since the early fifties, and included most of Egyptian insurance companies and foreign Of the 106 companies at that time.
The year 1952 an Association of insurance companies in Egypt.
Was established in 1953, the Insurance Federation of Egypt.
In 1956 a Ministerial Decree was the liquidation of insurance companies in English, French, Australian and removed from the register of the Union and Egyptianizing insurance companies in Egypt, which has become (13) company.
Year 1977 was adopted and the establishment of the Egyptian Insurance has been registered a record of the Egyptian Insurance Supervisory Authority as one of the technical equipment aiding in the insurance sector under the number (1) for the year 1982 has been to ratify the amendment of the Statutes of the Union of the Egyptian Insurance by the Minister of Economy and Foreign Trade No. (312) for the year 1982 .. , As amended and issued by the Minister of Economy No. (78) for the year 1998 and started operating as of the day following the date of its publication in the Gazette on 15/3/1998.
The Federation of the Egyptian Insurance Currently, most insurance companies operating in Egypt and the number (13) company.
The nature of the work of the Union
The Union and its essence, a technical body cooperating with the Egyptian Insurance Supervisory Authority in regulating the insurance industry, is named from time to time to participate in the development of insurance legislation, as it provides its members from all insurance companies what they need of technical assistance, as it oversees the work of a group of elite Members are known for their competence with specialization and expertise in insurance. The Federation of the technical committees for each type of insurance and specializes in these committees to study the technical issues and research and the problems encountered, insurance companies, whether these problems are related to general recipe or special subject matter.
Objectives of the Union
Federation of Egypt aims to ensure accordance with its statute to strengthen the links between insurers and reinsurers operating in Egypt under the provisions of Law No. (10) for the year 1981 promulgating the Code of supervision and control of insurance in Egypt, as amended by Law No. (91) for the year 1995 and the coordination and prevent the conflict between these companies in order to protect their interests and the development of the insurance industry in Egypt. The Union in order to achieve its objectives, including the following: --
In the field of pricing
1. Study the technical basis of the indicative, prices and conditions for the different branches of insurance and periodically reviewed in light of the results and statistics of the Egyptian insurance market and provide these studies for members to assist them in risk assessment and pricing.
2. The establishment of centers specialized bid for big risks or special nature as well as coverages developed in the Egyptian market.
3. Study the risks and inspection reports and to propose their own prices.
4. Controls for the deductions that can be granted to different branches of insurance in light of the rules and the technical basis and the results of the time period and nature of risk.
5. Preparation of model documents for various types of insurance and present it to members for guidance in conducting their business in the Egyptian market.
6. Prepare studies on the branches of insurance is not priced in order to assess risks and develop reference prices in the light of practice in different insurance markets.
7. Draw the phenomena that affect the Egyptian insurance market and to propose rules and regulations to be taken into account in the exercise of the member companies of its activity.
Preventing and reducing losses
1. Conduct studies for the prevention and reduction of losses in different branches of insurance and cooperation with relevant agencies and insurance markets with expertise in this area.
2. Develop and implement programs necessary for the surveyor registered with the Egyptian Authority for Insurance Supervision regular inspection on the dangers that have discounts, which have the means to reduce and prevent losses and follow-up to ensure the veracity of the client at a discount and the continued availability of justifications.
Support and develop the Egyptian insurance market
1. Collection, analysis and dissemination of information on the Egyptian insurance market and global insurance markets.
2. To raise the level of the insurance industry and insurance professions associated with them, update and consolidate the concepts of insurance work, and contribute effectively to provide expertise and technical cadres.
3. To participate in developing insurance awareness among the citizens through various means and in cooperation with specialized hardware.
4. Support the insurance studies required by the insurance market and contribute to the financing and stimulate the organs and bodies concerned to do so.
5. Support technical cooperation among member companies through the exchange of information and experiences.
6. Follow the events global insurance and economic developments affecting the insurance industry to interact with them.
7. To seek the development of legislation governing the insurance activity or that affect it to fit in with what is happening in different markets and give the opinion of the Federation in matters affecting the organizational aspects of the legislative, administrative or insurance sector.
8. Strengthen ties and linkages with markets, organizations and associations of insurance abroad.
9. Preparation of reports and studies on the Egyptian insurance market and the companies operating therein.
Regulation of competition, coordination and prevent conflicts among member companies
1. Establish general rules for coordination between the companies and prevent conflicts among themselves to ensure the safety practices in the market and the stability of the situation there in an atmosphere of free competition, which should include the following rules:
- Address the effects of transition processes among companies.
- The division of big insurance operations in accordance with the rules of the organization to do so.
- View facultative insurance operations which exceeds the conventions corporate member companies prior to be assigned to outside.
- Establishment of joint insurance pools, and particularly for the dangers of a private nature.
- Protect the interests of companies, especially what pertains to the client to pay the installments due in full prior to the transfer of operations to another company.
- Regulating the methods of advertising and disciplines of professional conduct for member companies to ensure competition among them in a legitimate manner and protect clients.
2. Consult on matters of mutual interest of members and work to resolve any disputes or problems arising between them.
