Surfinsparky, The GEC can be insulated but, Must still be bonded when it leaves a metal raceway.
95 % of fault current will be carried by the conduit not the wire. (Soares)
Arcing at the end of the conduit could cut the GEC. leaving no fault path.
Alan--
There is another photo of this in the Violations Photos "Store Wiring" showing an insulated GEC clamped with an NM connector.


[This message has been edited by Alan Nadon (edited 10-01-2006).]


Alan--
If it was easy, anyone could do it.