On 15 March 2015, an EU stakeholder meeting on ship recycling was held in Brussels. IUMI, represented by Mr. Jens Jaeger (German Insurance Association/GDV), member of the IUMI Political Forum, was present.
During the meeting, a policy advisory firm to the European Commission presented its proposals to oblige European shipowners to conform to the EU Ship Recycling Regulation, which entered into force on 30 December 2013.
The regulation enforces the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships 2009 (the Hong Kong Convention) requirements, and adds a number of requirements for European ships, European shipowners, as well as ship recycling facilities willing to recycle European ships.
However, the regulation will only put these requirements on EU-flagged end-of-life ships. Therefore, some NGOs, such as the Shipbreaking Platform, are concerned that EU shipowners will re-flag their vessels to a Flag of Convenience (FOC) in order not to fall under the scope of the regulation.
This option has, however, met with considerable opposition from the IUMI Political Forum. From the perspective of insurance supervision law this option cannot be qualified as insurance, given that it does not include an insurable risk.
Thanks to the successful lobbying efforts of the IUMI Political Forum, this option is unlikely to come to anything. The advisory firm will obviously not continue to promote this option in its present form. It remains to be seen whether other insurance options will be developed and presented. In any case, IUMI will continue to bring its expertise to the debate.
Source: IUMI
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