Decision ID: 003058

In March 2005 the 1992 Fund Assembly noted an offer by the International Group of P&I Clubs to the 1992 Fund to increase, on a voluntary basis, the limitation amount for small tankers, to be known as the Small Tankers Oil Pollution Indemnification Agreement (STOPIA), which came into force on 3 March 2005, the date of entry into force of the Supplementary Fund Protocol. It was noted that STOPIA, which applied to pollution damage in a State for which the Supplementary Fund Protocol was in force, had the effect of increasing the amount of compensation payable by owners of all ships of 29,548 gross tonnes or less that were entered with one of the International Group P&I Clubs and reinsured through the International Group pooling arrangement, to 20 million SDR (£16 million). The Assembly decided that since STOPIA was a unilateral offer, there was no need to amend the Memorandum of Understanding between the International Group and the 1992 Fund, but instructed the Director to address any necessary administrative, technical and legal issues in respect of STOPIA by an exchange of letters between the International Group and the Fund.