The Egyptian Financial Supervisory Authority has issued a decision to approve amendments to the regulations of the special insurance fund for employees of Egypt for Sound, Light and Cinema Company. The decision, numbered 3333 of 2026, was made in accordance with the Unified Insurance Law issued by Law No. 155 of 2024 and Law No. 10 of 2009 regulating supervision of non-bank financial markets and instruments.
The amendments include changes to the calculation of subscription wages, which will be based on the basic monthly salary as of July 1, 2022, plus periodic increments, promotion increments, and special increments, not exceeding 7% compound annually, starting from July 1, 2023. The subscription wage on which benefits are paid will be calculated based on the basic monthly salary as of July 1, 2017, plus periodic increments and promotion increments, not exceeding 7% compound annually, starting from January 1, 2018.
The monthly subscription for members has been set at 8% of the subscription wage, with a 10% contribution from the entity, and a joining fee of 100 pounds. The new regulations also set a maximum age for joining the fund at 44 years, allowing for the acceptance of new members over this age, from 45 to 60 years, provided they pay a membership fee that increases from 0.64 months to 35 months, as a multiple of the subscription wage according to the age at joining.
The fund will provide insurance benefits, including a benefit equal to 35 months of subscription wage for members or their legitimate heirs in cases of retirement, death, or permanent total disability. In cases of partial permanent disability, 50% of the benefit due for total disability will be paid, or the member will be treated as if they resigned, whichever is better.
The regulations also include governance and financial management rules, such as the formation of a fund management board consisting of 7 members for a period of 3 years, renewable for one continuous cycle. The board will consist of 4 members elected by the general assembly by secret ballot, 2 members with experience, and a member appointed by the head of the entity's management board.
The financial year of the fund will start on January 1 and end on December 31 of each year. The fund will be required to appoint a full-time licensed investment manager or contract with a company to manage investment funds if its invested assets reach 50 million pounds or more. The maximum administrative expenses have been set at 5% of the total annual subscriptions.
The decision was made after obtaining the approval of the extraordinary general assembly of the fund, which was held on March 15, 2026, to adjust the regulations and adopt the fund's inspection and study committee at its meeting held on September 29, 2026.
Key points
- The Egyptian Financial Supervisory Authority has approved amendments to the insurance fund regulations for employees of Egypt for Sound, Light and Cinema Company.
