Decision ID: 003710

In June 2010 the 1992 Fund Executive Committee decided to maintain the level of the 1992 Fund’s payments at 35% of the amount of the loss or damage as assessed by the insurer’s and the Fund’s experts, to be reviewed at the Committee’s next session. The Committee considered a proposal by the Korean delegation that the Committee should instruct the Director to examine, together with the Korean Government, possible ways to increase the level of payments to victims of the Hebei Spirit incident to 100% of the established claims. During the discussion it was emphasized that that the proposal to be developed should incorporate the elements that had been considered crucial in similar arrangements in the past,in particular: – that the principle of equal treatment of claimants was upheld; – that the payment of compensation be made on the basis of an assessment of claims in accordance with the criteria for admissibility established by the 1992 Fund; and – that the 1992 Fund should be adequately protected against an overpayment situation. The Committee decided to endorse the Korean delegation’s proposal to explore, together with the Director,the possibilities of increasing the level of payments to 100% and to submit a proposal to the Committee at its October 2010 session.