EU to investigate P&I Clubs
MARITIME SERVICE: The Eurpean Commision has made public, that it has opened formal proceedings to investigate whether the P&I Clubs' claim-sharing and joint reinsurance within the International Group of P&I Clubs, IG, infringe competition.
The Commission's investigation follows the expiry of IG's second 10 year exemption from EC competition rules. It is not open to the IG to seek a further exemption following procedural reforms to the competition rules. In connection with the previous exemptions IG has kept the Commission informed about its business and IG is cooperating with the Commission in its current investigations. The duration of the investigation depends on a number of factors, including the complexity of the case.
P&I Clubs and IG are of great importance to shipowners. The Danish Shipowners' Association supports the effective enforcement of competition rules and follows the development of the case.
P&I Clubs (Protection & Indemnity) are mutual non-profit making associations in which shipowners pool part of their liability. IG is a worldwide organisation of 13 P&I Clubs who provides insurance to about 93% of the world's ocean going tonnage.
Source: Danish Shipowners' Association / maritimedanmark.dk
