Regulatory Alerts2020-02-01
Calculation of compensation for victims of traffic accidents
The Central Bank of the Republic of Guinea issued Instruction N°I/08/19/REA on June 24, 2019, establishing the minimum amount for calculating compensation for victims of traffic accidents. This instruction mandates that the basic compensation for bodily injury is set according to the SMIG (Guinean Minimum Interprofessional Guaranteed Wage). The annual compensation is determined by multiplying this basic amount by twelve, then by a factor from the Insurance Code to set the final compensation ceilings as per Articles 107 et seq.
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