The Egyptian Financial Supervisory Authority has issued a decision to approve amendments to the statutory regulations of the private insurance fund for employees of Ma'asera Engineering Company. The decision, numbered 2744 of 2026, concerns the fund registered under number 229. The amendments focus on the rules for accepting new members into the fund and the calculation of their subscription fees.
According to the amendments, new members will be accepted into the fund upon payment of a membership fee determined based on the remaining period until they reach the legal retirement age at the time of joining. This fee is calculated as the difference between the retirement date and the date of joining. Additionally, tables of wage multipliers and controls for calculating age differences relatively have been approved.
The decision also amends the controls for disbursement of insurance benefits in cases of termination of service due to resignation, early retirement, or transfer at the member's request. In such cases, the member's entitlements will be calculated assuming they have reached the legal retirement age, then reduced proportionally to the actual subscription period to the total subscription period.
Furthermore, the amendments define the concepts of subscription wages, distinguishing between the wages on which subscriptions are based, according to the basic monthly salary as of July 1, 2025, and the allowances included, and the wages on which benefits are paid, based on the basic salary as of July 1, 2018, with the prescribed increases.
The amendments also stipulate that an actuarial study must be prepared and approved by the Authority for any additional benefits. The second article of the decision states that these amendments will take effect as of January 1, 2026, as decided by the fund's extraordinary general assembly.
All concerned parties are required to implement the decision and publish it on the Authority's website and the fund's website. The decision aims to improve the regulation and management of the insurance fund for Ma'asera Engineering Company employees, ensuring better benefits and more efficient operations.
The Egyptian Financial Supervisory Authority's decision reflects its ongoing efforts to enhance the regulatory framework for insurance funds in Egypt, promoting transparency, fairness, and efficiency in the management of these funds. This move is expected to have a positive impact on the employees of Ma'asera Engineering Company and the overall insurance sector in Egypt.
Key points
- The Egyptian Financial Supervisory Authority has approved amendments to the insurance fund regulations for Ma'asera Engineering Company employees.
- The amendments aim to improve the regulation and management of the insurance fund, ensuring better benefits and more efficient operations.
- The decision will take effect as of January 1, 2026, as decided by the fund's extraordinary general assembly.
