The Society is registered under No. (1) For the year 1998 in the Register of Cooperative Insurance Societies and is subject to the provisions of Law No. 10 of 1981 on supervision and control of insurance in Egypt.
CIS is the first insurance Authority in Egypt operating in accordance with the general provisions of cooperation and provide insurance service to customers who are automatically granted membership shares.
CIS works to serve its members and be sponsor of their interests and take care of them and not seeking for profit which distinguishes cooperative insurance.
CIS is established by the Social Fund for Development (Small, Medium and Micro Enterprises Development Agency) and its development mission supports small, medium and micro enterprises.
CIS provides an insurance policy for creditors against their inability to collect debts due to them when the borrower defaults and stops paying the loan balance.
The insurance policy submitted by the society is in itself a complement to the financial, social and development system and encourages young people to invest boldly, which are targeted by the country.
CIS is a member of the Insurance Federation of Egypt, the General Arab Insurance Federation “GAIF” and the Federation of Afro-Asian Insurers and Reinsurers “FAIR”.
Co. Operative Insurance Society, Egypt
1- The Association is the first body that has been in charge of guaranteeing loan guarantees in Egypt since 1998
2. The guarantee of micro and small enterprises is the essence of the society’s competence since its establishment.
3. The coverage of the guarantee document extended to all other financing programs granted by banks and various financing institutions such as retail banking, personal loans and other financing programs.
4 – Even after payment of compensation in favor of the source of the documents, the Assembly continues to follow up the project and try to maintain its existence and continuity and removed from stumbling.
1- CIS provides an insurance policy for creditors against their inability to collect debts due to them when the borrower defaults or stops paying the loan balance up to 90% of the basic loan.
2- CIS guarantees the loans up to L.E 30 million for each loan.
3- CIS has a facility to settle the premiums of Credit policies by installment annually or from inception date of the loan.
4- In the event of settlement all premiums from inception the insured will be granted a special discount.
1- The Insured shall notify the Association with a quarterly statement of cases of delay or suspension of payment of any installment of the loan within three months from the date of the installment, which the customer ceases to pay until the right of the Insured to claim the compensation falls.
2- The insured shall be entitled to claim compensation after the customer has paid paying for at least three consecutive months and the insured has taken the legal measures available to him against the client and his guarantors and the most important:
A- certified copy of the claim sheet for full debt owed by the customer and his guarantors.
B- a copy of the misdemeanor case under checks or security receipts signed by the client or his guarantors, if any.
C- copy of the customer’s statement of account with the insured explaining the amounts paid.
D- copy of the insurance document.
3- The society shall pay the guarantee percentage indicated in the document schedule from the unpaid balance of the loan within a maximum period of one month from the date of completing the above procedures and submit the required documents with the right of the association to look at the client file with the insured.
4- Upon payment of the indemnity, the insured shall sign a transfer of a right and deliver a deduction in the amount of the compensation paid to him and undertake to follow the legal proceedings against the client as if he were not insured in his favor.
