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The Official Gazette publishes the articles of association of the insurance group on the dangers of building materials


Dr. Mohamed Omran, Chairman of the Financial Supervisory Authority, issued Resolution No. 1242 of 2020, approving the new statute of the Egyptian Group for Insurance of Civil Liability for Construction Risks.

 

The new Articles of Association of Majmaah clarified in its articles that the insurance company that is licensed by the Financial Supervisory Authority - after the date of this system’s implementation - to practice insurance against the risks of various accidents and the responsibilities related to them; To submit a written request to the chairman of the association’s administrative committee to present it after completing all the necessary documents to the association’s general assembly in its first meeting to determine the joining company’s share, provided that the decision to join it shall take effect from the beginning of the fiscal year following the decision of the general assembly.

 

The statute also stipulates that the Majmaah must establish a database that includes all information related to providing insurance coverage to clients who request insurance documents from civil liability for the dangers of construction work, and the results of inspection of these works.

 

The assets of the association are considered among the credit balances of its founding member companies, and are distributed to them in the event of the association’s dissolution or the expiry of its purpose, according to the participation rates that were applied when the association was established.

 

The Egyptian Consortium for the Insurance of Civil Liability for the Perils of Construction Work was established in accordance with the provisions of the Insurance Supervision and Control Law promulgated by Law No. 10 of 1981 and its Executive Regulations No. 119 of 2008 promulgating the Unified Building Law and other applicable laws.

 

The decision, which was published in the Official Gazette in issue No. 156 issued today, Tuesday, stated:

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