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.
Conakry, June 24, 2019
REPUBLIC OF GUINEA CENTRAL BANK
INSTRUCTION N°I/08/19/REA/RELATING TO THE MINIMUM AMOUNT TO BE USED AS THE BASIS FOR CALCULATING COMPENSATION FOR VICTIMS OF TRAFFIC ACCIDENTS.
THE GOVERNOR
Having regard to Law L/2014/016/AN of July 02, 2014, amended and supplemented by Law L/2017/017/AN of June 08, 2017, on the statutes of the Central Bank of the Republic of Guinea;
Having regard to Law L/2016/034/AN of July 28, 2016, on the Insurance Code in the Republic of Guinea;
Having regard to Decree N° D/2010/004/PRG/SGG of December 27, 2010, appointing the Governor of the Central Bank of the Republic of Guinea;
Having regard to Instruction N°I/96/12/REA/relating to the minimum amount to be used as the basis for calculating compensation for victims of traffic accidents
DECIDES:
Article 1: The basic amount for calculating compensation for bodily injury resulting from traffic accidents is set in accordance with the amount of the SMIG.
Article 2: The above amount is multiplied by twelve (12) to determine the annual amount.
The annual amount thus obtained is multiplied by the number of times indicated in the Insurance Code for setting the compensation ceilings provided for in Articles 107 et seq. of the same code.
Article 3: This Instruction, which takes effect from its date of signature, repeals all previous contrary provisions and shall be registered and published in the Official Journal of the Republic.
Conakry, June 24, 2019
(Signature) Dr Lounceny NABE
Post Office Box N° 692 - Conakry - Telephone: (+224) 664 67 77 77 Fax: +224 669 08 88 88 - E-mail: secretariat.gouv@bcrg-guinee.org www.bcrg-guinee.org / 6 Boulevard du Commerce C/Kaloum