The Egyptian Financial Supervisory Authority has issued a decision to adopt amendments to the statutory regulations of a special insurance fund for workers in home appliance production and distribution companies. The fund is registered with the Authority under number 564. This decision follows the issuance of Law No. 155 of 2024, which unified the insurance law, and Law No. 10 of 2009, which regulates supervision of non-bank financial markets and instruments.
The amendments were made based on the fund's general assembly meeting on August 7, 2025, and the approval of the licensing committee on August 13, 2026. The decision was made on September 16, 2026, and it amends several articles in the fund's regulations, including those related to membership conditions, subscription fees, and insurance benefits. The changes aim to update the fund's regulations to align with current market conditions and needs.
One of the key changes is the redefinition of the subscription wage, which is now determined based on the basic monthly salary according to the employment regulations in effect on December 31, 1997, plus periodic increments, promotion increments, and incentive increments, up to a maximum annual increase of 6% starting from January 1, 1998. The regulations also specify the rules for members who join after this date.
The amended regulations expand the scope of participating companies to include several major home appliance manufacturers and distributors, such as Electrolux, Delta Industrial Ideal, Egypt International for Trade and Industry, and B.Tek, among others. The changes also update the membership fee schedule based on the remaining period until the legal retirement age and modify the rules for disbursing insurance benefits in cases of termination of service.
The insurance benefits in cases of death, total or partial permanent disability, or early retirement have been updated. Additionally, the social benefits granted to members in cases of marriage, childbirth, and death have been modified. The new regulations also establish a fund management board consisting of nine members, including five elected by the general assembly, two appointed based on the Authority's criteria, and two appointed by the company from current or former employees.
The decision to adopt the amendments was made after reviewing the fund's registration and previous amendments, as well as the recommendations of the fund's management committee. The amended regulations will take effect from the date of the decision, September 16, 2026, as approved by the fund's extraordinary general assembly.
The Egyptian Financial Supervisory Authority has announced that the decision will be published on its website and the fund's website, and all concerned parties are required to implement it. The changes are expected to enhance the fund's operations and provide better services to its members. The Authority continues to monitor and regulate the insurance sector to ensure its stability and growth.
Key points
- The Egyptian Financial Supervisory Authority has adopted amendments to the statutory regulations of a special insurance fund for workers in home appliance production and distribution companies.
- The amendments update the fund's regulations to align with current market conditions and needs, including redefining the subscription wage and expanding the scope of participating companies.
- The changes will take effect from September 16, 2026, and will be published on the Authority's website and the fund's website.
