The Egyptian Financial Supervisory Authority (EFSA) approved last Thursday the recruitment of Yehia Abdel Ghaffar as the managing director of the Cooperative Insurance Society Egypt starting from July, following Dr. Ali Shaker who resigned last month, said Dr. Abdel Monem Bakheet, chairman of CIS. Abdel Ghaffar acts as the managing director from July till the end of the current session of the board of directors after which will end after three years. There are still negotiations with EFSA in order to allow CIS to reissue policies. CIS achieved good financial results and this will strengthen its positions in the negotiations, Bakheet noted. It is worth mentioning that the board of directors selected Yehia Abdel Ghaffar as the managing director, but EFSA refused approving such recruitment and conditioned holding elections for choosing a managing director as per the law. Afterwards, Dr. Ali Shaker was elected as the managing director in April 2012, but he resigned in June.
