China has ratified the Nairobi International Convention on the Removal of Wrecks 2007 and the Convention will enter into force in China from 11 February 2017. The Chinese MSA published a notice on the application procedure for WRC Certificates.
The Ballast Water Management Convention 2004 will enter into force on 8 September 2017. The International Group has prepared an update and guidance on compliance with this Convention and with US BWM Regulations. Further updates and guidance will be provided as and when necessary.
Proposed amendments to rules and Directors' remuneration.Please attached papers for a Special General Meeting to be held on 19th January 2017 in Bermuda.
For the 2017 policy year, the Club retention will remain $10 million. The Group Pooling retention will remain unchanged at $80 million and continues to be insured by the Group captive, Hydra, and pre-funded by a premium contribution from each club. This premium is included in the reinsurance rates.
Circular 18/16 is a Report of the AGM proceedings and resolutions adopted. New Directors elected to the Board and Proposed changes to the Club's governance structure was approved by the Members.
Mutual Premium Discount of 3 per cent on the total mutual premium for the 2015 policy year. Standard deductible will be $12,000 per event for the 2017 policy year. Any change in the cost of the International Group reinsurance will be passed on to the mutual Members. An explanation of the financial background to the Board's decisions can be found in the "Autumn Review 2016" which accompanies this Circular.
This circular provides details of the AGM of the Association, which will take place in Zurich at 9am on 19th November 2016 and the arrangements for voting by proxy.
This circular sets out details of the arrangements that will be made by the Club to assist owners to comply with the MLC financial security requirements applicable from January 2017
The UK Insurance Act 2015 will enter into force on 12 August 2016. As an update, the eight Clubs in the International Group whose rules are subject to English law took a common approach to contracting out of certain aspects of the Act.
