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UAE announces new standards for maritime industry

The UAE Ministry of Energy and Infrastructure (MOEI UAE) has issued a circular requiring non-members of the International Group of Protection and Indemnity Clubs (IG P&I Clubs) to provide additional information to regulators if they insure any UAE-flagged ships.

According to the circular, non-members of the IG P&I Clubs are required to demonstrate that they have a minimum S&P Global rating of ‘A’, and provide a list of claims exceeding $10 million, or details of the five largest claims they have handled, including information on whether they have been settled or are still in reserve, before June 30, 2023. These insurers must also provide evidence of membership with a recognised maritime professional agency or regulatory body, and demonstrate that they have professional indemnity insurance with a minimum limit of $10 million.

Link: https://www.zawya.com/en/business/transport-and-logistics/uae-announces-new-standards-for-maritime-industry-h77zi8gl

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