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.
Official Gazette - No. 25 Supplement (C) on June 20, 2002
Law No. 158 of 2002
Amending Certain Provisions of the Aquatic Wealth Cooperatives Law Issued by Law No. 123 of 1983
In the Name of the People
President of the Republic
The People's Assembly has decided the following law, and we hereby promulgate it:
(Article One)
The text of Article 25 of the Aquatic Wealth Cooperatives Law Issued by Law No. 123 of 1983 is replaced with the following:
Article 25 - A cooperative insurance fund shall be established by decree of the President of the Republic, with the objective of insuring the associations' vessels and their members, as well as other types of insurance consistent with the association's activities. This fund shall be subject to the supervision of the General Authority for Insurance Supervision.
Insurance with the fund shall be mandatory for motorized fishing vessels and their crew, within the limits specified in the fund's internal regulations, without prejudice to any benefits granted by social insurance laws. The insurance policy shall be considered a required document for licensing or renewing the license for motorized fishing vessels.
The fund's internal regulations shall specify its funding method, objectives, and conditions for disbursement and payment of insurance claims. The competent Minister shall issue a decree approving the fund's internal regulations within three months from the effective date of this law.
(Article Two)
This law shall be published in the Official Gazette and shall take effect from the day following its publication.
This law shall be sealed with the State seal and enforced as one of its laws.
Promulgated at the Presidency of the Republic on 9 Rabi' al-Thani, 1423 AH
(Corresponding to June 20, 2002 AD)
Hosni Mubarak