Represents insurance supervisory authorities from about 100 jurisdictions. It promotes cooperation among insurance regulators; sets international standards for insurance supervision; provides training for its members; coordinates work with regulators in other financial sectors and international financial institutions. (Visit www.iais.org).
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IAIS is the forum which represents the Association of Insurance Regulators worldwide. IAIS represents Insurance Regulators an Supervisors of some 190 jurisdictions in nearly 140 countries, constituting 97% of the world’s insurance premiums. IAIS has drafted insurance core principles (ICPs), which provide the globally accepted framework for insurance sector. This has become a guidance document for the insurance regulators globally and the level of development of regulatory framework in a country is measured with reference to the benchmarks set by IAIS in the form of core principles.

Sets standards and makes recommendations for international air navigation. The international aspects involved make a high level of standardisation and cooperation between nations essential.

Fills gap arising from 1992 CLC regime that compensates only for oil pollution spillages from the cargo or bunkers of laden oil tankers. The Convention extends civil liability to pollution caused by oil spills from the bunkers of general cargo ships. The Convention follows 1992 CLC in most respects and includes compulsory insurance. The strict liability of CLC has already been extended to non-tankers and tankers in ballast in the UK by the Merchant Shipping (Salvage and Pollution) Act 1994.

Standard clauses that are used with the MAR 91 form. IHC reflects current practices, the increased importance of the International Safety Management Code, flag states and classificiation societies in connection with ship safety. The pollution hazard clause has been extended. The new clauses emphasise the consequences of breaching policy conditions. Part 1 sets out the Principal Insuring Conditions, Part 2 sets out additional frequently required clauses including Clauses 40 to 44 (4/4ths collision liability, fixed and floating objects, returns for lay up, general average absorption and additional perils otherwise excluded in Part 1) only apply when agreed by the underwriter. Part 3 contains claims provisions.

First International Chamber of Commerce anti-crime bureau and has observer status with Interpol and cooperates with governments and law enforcement agencies generally. Its task is to prevent fraud in international trade and maritime transport, reduce the risk of piracy, assist law enforcement agencies, protect crews and investigate insurance losses. See IMB PIRACY REPORTING CENTRE.
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To answer to the problems of international maritime frauds a non-governmental body known as the International Maritime Bureau was formed in London in 1981. Four preventive functional services are being offered by the Bureau (i) education service to supplement members’ present training programs on the prevention of maritime fraud; (ii) providing a general information through the regular publication of a bulleting containing latest developments in various parts of the world ; (iii) advisory services on whether potential trading partners are known to have previously been involved in fraudulent or suspect practices; and (iv) authenticating trading documents for banks and others that may need such assistance.

okUnited Nations Agency for setting standards on ship safety and prevention of oil pollution connected with which it is responsible for international conventions. It has headquarters in London. The UK’s annual subscription is based on ship’s tonnage on the UK and Red Ensign registers.

Concerns safe operation of ships and pollution prevention. ISM is mandatory under the International Convention for Life at Sea. It applies to: passenger ships (including high speed craft), ro-ro passenger ships, oil tankers, chemical tankers, gas carriers, bulk carriers of 500 gross tonnage or above, high speed cargo craft of 500 tonnage or above, cargo ships and mobile offshore drilling units of 500 tonnage or above. The ‘Company’ (shipowner, manager or bareboat charterer) must establish and implement a safety management system and obtain a Document of Compliance (DOC) every five years that is also audited annually. Non-compliance means automatic termination of the hull and machinery policy (Clause 13 International Hull Clauses). Policies usually protect the interests of innocent mortgagees for a limited period. See INTERNATIONAL SAFETY MANAGEMENT CODE ENDORSEMENT.

Applies to cargo policies to exclude cover whenever the cargo is carried in non-ISM Code certified vessels or whose owners do not hold a Document of Compliance at the time of loading. The exclusion does not apply where the policy has been assigned to an innocent third party who has bought the cargo in good faith.

An agreement between motor liability insurers and own damage’ insurers applicable to accidents involving vehicles registered in different EC states when one is insured for ‘own damage. Regardless of liability, the liability insurer and the own damage insurer share the ‘own damage’ indemnity on a fixed basis. The agreement reduces the costs inherent in an international claim.