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Brief introduction to legal and regulatory framework

Brief introduction to legal and regulatory framework. Legal bakcground. Marine insurance law and regulations developed from describing a prevailing practice took into consideration complains and changes in the trading environment is based on and follows the development of maritime law.

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Brief introduction to legal and regulatory framework

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  1. Brief introduction to legal and regulatory framework

    The Nordic Association of Marine Insurers
  2. Legal bakcground The Nordic Association of Marine Insurers Marine insurance law and regulations developed from describing a prevailing practice took into consideration complains and changes in the trading environment is based on and follows the development of maritime law
  3. Legal bakcground The Nordic Association of Marine Insurers International insurance law Regional law and regulation e.g. EU regulations Domestic law and regulation of insurance providers (underwriters), intermediaries (brokers) and others Laws governing insurance conditions e.g. Marine Insurance Act 1906
  4. Legal background The Nordic Association of Marine Insurers Marine Insurance peculiarities; - Differs from other types of insurance due to Market configuration – equal parties International by nature – influence from abroad Development of insurance conditions – agreed document Sum insured / assessed value Less influenced by domestic Insurance Contract acts, case law and non-marine law – agreed policy conditions (based on Maritime Law) prevail Claim adjusters’ practices
  5. Legal background The Nordic Association of Marine Insurers International Maritime Organization (IMO) UN body for maritime safety Established 1948 / first meeting in 1959 Main task to develop and maintain a comprehensive regulatory framework for shipping remit today includes; - safety environmental concerns legal matters technical co-operation maritime security the efficiency of shipping concern for seafarers
  6. Legal bakcground The Nordic Association of Marine Insurers International Maritime Organization (IMO) «Safe, secure and efficient shipping on clean oceans» 172 members / 3 associates (flag states) Maritime experts of the member governments Observers: IGOs (Intergovernmental Organizations) Consultants: NGOs (Non-Governmental Organizations) Committees and sub-committees
  7. Legal background The Nordic Association of Marine Insurers International Maritime Organization (IMO) Aims; - prevention of accidents – including standards for ship design, construction, equipment, operation and manning Recognizing that accidents will happen; - rules concerning distress and safety communication the International Convention on Search and Rescue the International Convention on Oil Pollution Preparedness, Response and Co-operation
  8. Legal bakground The Nordic Association of Marine Insurers International Maritime Organization (IMO) Key treaties; - SOLAS – Convention on Safety of Life at Sea MARPOL - Convention for the prevention of pollution by ships STCW - Convention on standards of training for seafarers
  9. Legal background The Nordic Association of Marine Insurers International Maritime Organization (IMO) Other conventions; - Compensation and Liability Regimes; - International Convention on Civil Liability for Oil Pollution Damage International Fund for Compensation for Oil Pollution Damage Athens Convention covering liability and compensation for passengers at sea Maritime Labour Convention Many more…
  10. Trading and market organizations The Nordic Association of Marine Insurers United Nations / UNCITRAL International Association of Classification Societies (IACS) International Chamber of Shipping (ICS) International Group of P&I Clubs (IG) International Union of Marine Insurance (IUMI) International Chamber of Commerce (ICC) International Maritime Bureau (IMB) Comité Maritime International (CMI) BIMCO Intercargo Intertanko Interferry Oil Companies International Marine Forum (OCIMF)
  11. The Nordic Association of Marine Insurers
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