MINUTES of the Annual General Meeting of the Members held at the Grosvenor House Hotel, Al Emreef Street, PO Box 118500, Dubai – United Arab Emirates on Thursday 19 May 2022, at 09:00 hours.

On 17 March 2022 the UK Government published a General Trade Licence in part to clarify earlier amendments to the UK Russia (Sanctions) (EU Exit) Regulations (the “Regulation”). Specifically, the licence addresses the issue as to whether it is lawful under the Regulation for insurers and reinsurers domiciled or operating from the United Kingdom to provide insurance for vessels calling at Russian ports or transiting Russian territorial waters.

At their meeting on the 19 May 2022 the Board considered the open policy years and in particular the 2019 policy year, which is now three years old.

This report has been produced in respect of The Shipowners’ Mutual Protection and Indemnity Association (Luxembourg) (‘the Club’) to satisfy its public reporting requirements under the Solvency II insurance regulation regime.

In 2018, the International Maritime Organization (IMO) adopted an initial strategy on the reduction of Greenhouse Gas (GHG) emissions from ships, setting out their Vision, which confirms the IMO’s commitment to reducing and eventually phasing out GHG emissions from international shipping. The IMO’s Vision also intends to support United Nation’s Sustainable Development Goals 13 (Climate Action) and 14 (Life Below Water).