The Club's Correspondent, Vitsan, has issued a Circular to advise Members of amendments and new provisions in the Turkish Environmental Law for Marine Pollution Incidents, published in the Official Gazette on 15 June 2022.
The Club’s financial position remains strong with free reserves of $488 million as at 20 February 2022. The Club continues to comfortably meet all its regulatory capital requirements and remains in the highest AAA band of Standard & Poor’s capital model.
On 17 March 2022 the UK Government published a General Trade Licence in part to clarify earlier amendments to the UK Russia (Sanctions) (EU Exit) Regulations (the “Regulation”). Specifically, the licence addresses the issue as to whether it is lawful under the Regulation for insurers and reinsurers domiciled or operating from the United Kingdom to provide insurance for vessels calling at Russian ports or transiting Russian territorial waters.
At their meeting on 7th February 2022, the Directors reviewed the basis on which special war risks P&I cover could be made available to Members in accordance with the proviso to Rule 5E.
Since 2010, considerable sanctions' activity has been directed at shipping and its supporting industries reflecting the fact that 90% of world trade involves the carriage of goods by sea.
Members are advised from 20 February 2022 the procedure for paying claims related suppliers for claims on European Economic Area (“EEA”) risks is changing. The change applies only to risks written by UKNV.
At the Annual General Meeting held in Zurich on Monday 18th October, the proposed resolutions in the agenda were put to the Members and were adopted by the meeting.
At their October meetings in Zurich and Rotterdam, the Boards reviewed the financial position of the Club including the performance of the open and closed policy years
Iron Ore Fines Cargoes exported from Sierra Leone have been identified as an area of increasing concern due to a lack of regulatory oversight at loading ports and the potential for excessive wetting and thereby liquefaction and instability.
There has been a change in ownership of the E-TITLE electronic trading system and its underlying legal framework to software technology firm, R3; There has been a change in trading name of the E-TITLE electronic trading system to Corda eBL; Members are invited to take note of how the Corda eBL software will operate.
This circular provides details of the AGM of the Association which will take place in Zurich at 9.00 am on 18th October 2021 and the arrangements for voting by proxy.
A Special General Meeting of The United Kingdom Mutual Steam Ship Assurance Association Limited will be held at 3pm on 26th July 2021 at 90 Fenchurch Street, London EC3M 4ST.
This Circular provides information on the recent designation by the Government of the United States on Venezuela's Maritime Authority (Instituto Nacional de los Espacios Acuaticos - "INEA").
