Regulatory Alerts2007-01-01
Minister of Investment Decision No. 216 of 2007 Regarding the Conditions and Premium Rates of Insurance at the Government Insurance Fund for Custodians' Guarantees
The Egyptian Minister of Investment issued Decision No. 216 of 2007 to establish mandatory insurance conditions and premium rates for custodians' guarantees under the Government Insurance Fund. The regulation requires coverage to equal 100% of the guaranteed value, capped at 100,000 Egyptian pounds, with premiums calculated on a sliding scale and deducted at a maximum rate of 0.5% from the custodian's basic salary. It further dictates strict reporting deadlines for financial shortfalls, sets compensation limits between 200 and 100,000 pounds, and formally repeals the conflicting 1986 ministerial decision.
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