Decision ID: 003695
In October 2005 the 1992 Fund Assembly considered the report of the ninth meeting of the 3rd Intersesssional Working Group established by the 1992 Fund Assembly to assess the adequacy of the international compensation regime created by the 1992 Civil Liablity Convention and the 1992 Fund Convention. The Assembly, noting that the Working Group had been evenly divided on the question of whether or not the 1992 Conventions should be revised, decided that the Working Group should be disbanded and that the revision of the 1992 Conventions should be removed from the Assembly’s agenda. The Assembly noted that the International Group of P&I Clubs had proposed that if the decision to revise the Conventions were to be put on hold the Clubs would be prepared to: (a) extend to all States Parties to the 1992 Civil Liability Convention the Small Tanker Oil Pollution Indemnification Agreement (STOPIA), whereby 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 would be 20 million SDR (£16 million); and (b) apply the Tanker Oil Pollution Indemnification Agreement (TOPIA), whereby the International Group P&I Clubs would indemnify the Supplementary Fund in respect of 50% of the amounts paid in compensation by that Fund. The Assembly instructed the Director to collaborate with the International Group, acting on behalf of the shipping industry and the Oil Companies International Marine Forum (OCIMF) before the above voluntary agreement package was submitted to the Assembly for consideration at its next session and provide technical and administrative advice with a view to consolidating the package and ensuring that it was legally enforceable.