Prime Ministerial Decree No. 1863 of 2003

The Official Gazette - No. 259 on 17 November 2004

Prime Ministerial Decree No. 1863 of 2004 Amending the text of Article Two of Decree No. 229 of 2003 Establishing a Government Insurance Fund to Cover Risks to Postal Services

Prime Minister Having reviewed the Constitution; and Law No. 16 of 1970 on the Postal System; and the Law on Supervision and Control of Insurance in Egypt, issued by Law No. 10 of 1981, and its amendments; and Law No. 19 of 1982 Establishing the National Postal Authority; and Presidential Decree No. 415 of 2001 Concerning the Amendment of Certain Provisions of the Organization of Ministries; and Presidential Decree No. 201 of 2004 Forming the Cabinet; and Presidential Decree No. 231 of 2004 Organizing the Ministry of Investment; and Prime Ministerial Decree dated 8 February 1950 Establishing the Government Insurance Fund to Cover Risks to Employers; and Prime Ministerial Decree No. 229 of 2003 Establishing a Government Insurance Fund to Cover Risks to Postal Services; and the Executive Bylaws of the Law on Supervision and Control of Insurance in Egypt, issued by Ministerial Decision No. 362 of 1996 of the Minister of Economy and Foreign Trade; and based on the proposal submitted by the Minister of Communications and Information Technology;

Decided:

(Article One) The text of Article Two of the aforementioned Decree No. 229 of 2003 is hereby replaced with the following: The Fund aims to cover risks of damage, loss, fires, theft, embezzlement, forgery of checks, money orders, cash vouchers, and fraudulent transactions to which the Postal Authority's printing presses, government and private postal units, currency, stamps, seals, documents, supplies, and armed personnel of these units or private contractors are exposed, as well as risks arising from any of the aforementioned causes to which express mail materials or other postal services proposed by the Fund's Management Committee for coverage are exposed, and approved by the Egyptian Insurance Authority. A decision by the Minister of Investment, based on the proposal of the Board of Directors of the Egyptian Insurance Authority, shall be issued to determine the terms and prices of the insurance operations referred to in the preceding paragraph.

(Article Two) This Decree shall be published in the Official Gazette, and shall take effect from the day following its publication date.

Issued at the Prime Minister's Office on 23 Ramadan 1425 AH (Corresponding to 6 November 2004 AD)

Prime Minister Dr. Ahmed Nazif