Law No. 158 of 2002 amending the Water Resource Cooperative Law No. 123 of 1983.

This Law amends article 25 of Law No. 123 of 1983 as follows: a Cooperative Insurance Fund shall be established by a resolution of the President of the Republic in order to insure all cooperative vessels and members including all kinds of insurance that are compatible with the cooperative activities. The Fund shall be subject to the control of the General Authority for Insurance Control. The insurance is obligatory for fishing motor-vessels and crew according to the Internal Regulation of the Fund without prejudice to Social Insurance Laws. The insurance document shall be considered a necessary document for obtaining fishing motor-vessel licences or for the renewal of licences. The Internal Regulation of the Fund illustrates the finance sources of the Fund, objectives, and conditions for the payment of the insurance. The competent Minister shall issue with a resolution the Internal Regulation of the Fund within 3 months from the date of entry into force of this Law.