Notice of Order to Sanction Part VII Transfer by Chancery Division Companies Court - No. 5279 of 2012
that on 31 October 2012 the High Court of Justice made an Order ("the Order") under Part VII of the Financial Services and Markets Act 2000 ("FSMA") in connection with the insurance business transfer scheme ("the Scheme") between (i) The United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited ("UKB") and (ii) The United Kingdom Mutual Steam Ship Assurance Association (Europe) Limited ("UKE" and, together with UKB, the "Club").
We have been informed by certain EEA state regulators that members who have a policy which has transferred from The United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited to The United Kingdom Mutual Steam Ship Assurance Association (Europe) Limited under the Scheme, where the EEA state of commitment or state where the risk is situated is in Austria, Belgium, Czech Republic, Hungary, Norway, Poland and Sweden may under the local law of such state have a right to cancel their policy as a result of the Scheme as set out below:
Loss record guide (October 2012)
Since November 2009, the loss record format available to Members via Underwriting Online has been improved for ease of reading. Instead of reference to an ALR (Acceptable Loss Ratio) percentage, your record is expressed on a scale of 100 per cent. This change in presentation does not change any claims or premium data. The record states the overall financial position with the Club.
Impact of Iran LNG sanctions
The European Union Council's decision to prohibit the transport of natural gas from Iran extends to the insurance of such transport. It is likely to have an immediate impact on Members whether or not subject to EU jurisdictions. When the decision takes effect, the Club will not provide cover to any Member in respect of carriage of natural gas originated in Iran.
EU sanctions on Iran extend to natural gas
On the 16th October an EU Council decision declared a prohibition on the transport of natural gas to Iran. The ban extends the insurance and reinsurance of such transport so will have impact on Members whether or not subject to the EU jurisdictions. When the Decision takes effect, the Club will be prohibited from providing cover to any Member in respect of carriage of natural gas originated in Iran.
Minimum seafarer age under Panama MLC 2006
Marine Circular 254 and the accompanying provisional "Declaration of Maritime Labour Compliance Part 1" (DMLC 1) set out proposed standards in respect of seafarer working conditions under MLC 2006 legislation. Among the requirements it refers to the minimum age for seafarers as 18 which may impact members with trainees or cadets on Panamanian flagged vessels.
Regulations and advisories in relation to Panama's ratification of MLC 2006 and implementation through its national maritime legislation.
O UK P&I Club e sua parceria com o setor da navegação marítima do Brasil. Este livreto descreve a história do relacionamento longo e notável entre o setor brasileiro de navegação marítima e o UK P&I Club, assim como alguns eventos significativos da mesma.
This booklet sets out the history of, and some notable events in, the remarkable and long-standing relationship between the Brazilian shipping community and the UK P&I Club.
The International Group FAQs address questions such as do armed guards prejudice P&I cover and what are 'weapons of war'. Contractual questions relating to armed guards and charterers and issues on general average and ransoms are also covered here.
IMO Press Briefing: 32, August 21, 2012
This letter is being sent to you as the Club has identified you as a reinsurer of UKB and/or UKE or a broker of such reinsurer.
This letter is being sent to in your capacity as a member of the International Group of P&I Associations (the 'International Group') and as a signatory to the International Group Pooling Agreement (the 'Pooling Agreement'). UKB and UKE are both signatories to the Pooling Agreement.
Claim no. 5279 of 2012 in the High Court of Justice Chancery Division Companies Court in the matter of Part VII of the Financial Services and Markets Act 2000 and in the matter of: (1) The United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited (2) The United Kingdom Mutual Steam Ship Assurance Association (Europe) Limited
Bermuda Specimen Form of Proxy & Claims Form under letter - Club restructure - September 2012
The action you should take is set out in the Notice. Whether or not you intend to be present at the Scheme Meeting, you are requested to complete and return the Claim Form and Form of Proxy enclosed with this document in accordance with the instructions and notes contained therein so as to arrive by 5:00 pm (Greenwich Mean Time) on 23 October 2012. Claim Forms and Forms of Proxy may also be handed to the Chairman at the place of the Scheme Meeting before the commencement of the Scheme Meeting.
Section 109 of the Financial Services and Markets Act 2000 ('FSMA') requires that a scheme report must accompany an application to the High Court of England and Wales ('the Court') to approve an insurance business transfer scheme. This scheme report should be produced by a suitably qualified independent person (the 'Independent Expert') who has been nominated or approved by the Financial Services Authority ('FSA'). The scheme report should address the question of whether any policyholders impacted by the insurance business transfer are adversely affected to a material extent.
We are writing to you to inform you of the proposed transfer of the insurance and reinsurance business of The United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited ('UKB') to The United Kingdom Mutual Steam Ship Assurance Association (Europe) Limited ('UKE'). UKB and UKE are together referred to herein as the 'Club'.
PROPOSAL IN RELATION TO A SCHEME OF ARRANGEMENT pursuant to Section 99 of the Companies Act 1981 of Bermuda between The United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited and its SCHEME CREDITORS (as defined in the Scheme of Arrangement) In an endeavour to ensure that insurance brokers are in a position to advise their clients as to the action they should take, a copy of this document has been sent to all brokers identified by The United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited (the "Company" or "UKB") and known to have placed business with or on behalf of the Company or to have had dealings with the Company. Further copies of this document can be obtained at the offices of Thomas Miller, 90 Fenchurch Street, London, England EC3M 4ST.