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tructure of the Insurance Sector.

This goal was achieved by:

Implementing the approach of supervision on the basis of risk assessment and management and rules of financial adequacy of institutions operating in the market.

Supporting financial and administrative independence of the regulatory authority.

Enhancing the role of the Insurance Federation and making its membership obligatory for insurance companies and associations.

Achieving specialty of insurance activity by separating life insurance from property insurance.

Re-organizing the insurance brokerage profession, allowing legal entities to perform this activity and training brokerage staff.

Increasing minimum issued capital to LE 60 million for life insurance companies and LE 60 million for general insurance companies and adjusting existing companies' situations within five years.

Third: Increasing the Sector's Contribution to Economic Activity:

This goal was achieved by:

Reducing the cost of transactions and developing valuation and pricing mechanisms of insurance services.

Developing the accounting framework of insurance activity in line with international standards.

Developing rules and procedures regulating different insurance services.

The second phase of the financial reform program (2009-2012) will adopt the following components to develop and reform the insurance sector:

Focus on insurance of SMEs and micro insurance in co-operation with expert institutions, benefiting from experiences of large companies and other countries including Singapore, S.Korea, Brazil and Malaysia.

New legislation to be developed in the insurance sector; including the issuance of private and optional pension funds law and medical care companies' law, finalizing a policyholders' protection fund, while issuing legislation and standards necessary for performing micro insurance.

The General Authority for Financial Supervision, which started its mission in July 2009. It was established to enhance supervision of non-bank financial institutions, including insurance companies, develop regulatory coordination and increase efficiency.

Developing rules of supervision on insurance companies operating in the Egyptian market as well as insurance funds by adopting approaches of risk assessment and implementing regulatory procedures and standards accurately.

Implementing rules of increasing competition among existing institutions, to be ensured by the General Authority for Financial Supervision.

Enforcement of corporate governance and corporate social responsibility (CSR) principles; which focus on respecting human rights, ensuring workers' rights, preserving the environment and avoiding any suspected corruption in transactions. According to these principles, companies should undertake their duties towards the community in useful activities. Insurance companies contributed effectively in El Masry Community Service Organization, which was initiated to present a land plot in Been Al Sarayat to Cairo University.

Encourage financial innovation and development so that the insurance sector delivers its services using stable instruments, with definite cost and return, while subject to prudent supervision.

focus on the issuance of a cod