Decision ID: 002357

In October 1991 the 1971 Fund Assembly decided to increase from 25 million (gold) francs to 37.5 million (gold) francs the general limit of the Director’s authority to make final settlement of claims for compensation, provided it was likely that the total cost to the Fund of satisfying all claims arising out of a given incident did not exceed that amount. The Assembly also decided to authorise the Director to make settlement of claims from individuals and small businesses up to an amount of 10 million (gold) francs in respect of any one incident. The Assembly therefore adopted amendments to Internal Regulation 8.4.1 to reflect these increases, and decided that the limits laid down in Regulation 8.4.1 should be reviewed every four years. The Assembly stressed that, to the extent possible, the Director should continue to submit to the Executive Committee for consideration claims involving questions of principle, for example as regards the interpretation of the provisions of the Conventions, even in cases where he would be entitled to make final settlements, and that the Committee should hold meetings at such intervals as necessary to ensure the rapid settlement of claims.