Regulatory Alerts2002-01-01
Law No. 158 of 2002 Amending Certain Provisions of the Aquatic Wealth Cooperatives Law Issued by Law No. 123 of 1983
Issued by President Hosni Mubarak on behalf of the Egyptian People's Assembly, Law No. 158 of 2002 amends the Aquatic Wealth Cooperatives Law to establish a mandatory cooperative insurance fund for motorized fishing vessels and their crews. Supervised by the General Authority for Insurance Supervision, the fund covers vessel and member insurance aligned with cooperative activities and mandates an insurance policy as a prerequisite for licensing or renewing fishing vessels. The competent Minister must approve the fund's internal regulations within three months of enactment, with the law taking effect the day after its publication in the Official Gazette.
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