The Reserve Bank will provide quarterly reporting, along with other agencies, to the Minister on progress in implementing FSAP findings and recommendations via CoFR.
The Reserve Bank will report quarterly to CoFR and the Minister of Finance on progress in the consideration and implementation of the FSAP findings.
July 1, 1994: Protection and indemnity (P&I) clubs, the mutual insurance facilities owned by shipowners, reaffirmed their resolve not to provide the mandated COFRs. The clubs further claimed their members will cease shipping to the United States if the Coast Guard does not moderate its position.
economy will be "disrupted" if shipowner insurance clubs refuse to obtain COFRs. The report maintained that oil tankers will be barred from venturing into U.S.
Days before the deadline, the brokers pieced together two new insurance facilities to provide shipowners with the necessary COFRs. The establishment of the new facilities--First Line and Shoreline Mutual--indicate that even the most problematic risk is not insolvable from an insurance market perspective.
The final regulations required all vessels over 300 tons, from oil tankers to ships carrying dry goods, to have COFRs to enter or trade within U.S.
The limits prescribed by the Coast Guard were but one factor in the clubs' rejection of the COFRs, however.
In no way would they provide the COFRs, even if that meant their members could not ship to and from the United States.
waters without a COFRs. They would have been subject to a range of sanctions, from civil penalty to seizure and forfeiture.
Johnson & Higgins' concept for a contingency insurance facility to offer COFRs was unveiled at the annual meeting of the International Union of Marine Insurance in Stockholm in September.
OPACLUB, a third facility seeking to provide COFRs, was conceived by Willis Corroon.