IMSML Website Article 23/2025: MSN 01/2025 - List of recognized Insurance service Providers or Financial Security Service Providers by Malaysia Marine Department (MMD) for Issuance of Certificate for International Convention CLC 1992, BCC2001 and WRC2007

The first Malaysian Shipping Notice for the year, MSN 01/2025 is applicable to Malaysian Registered Ships. It provides for recognised insurance service providers or financial security providers for the following conventions:

[1] Civil Liability Convention 1992 (CLC);

[2] Bunkers Convention (BCC) 2001;

[3] Nairobi Convention (WRC) 2007

The update list, as of 1 January 2025, regulates the Blue Card (ie insurance cover), or any other financial security issued by officially listed insurance providers, see Paragraph 2. MSN 01/2025 revokes MSN 01/2024, see Paragraph 4.

PART A - List of Financial Security Services Providers Licensed Under Bank Negara Malaysia

PART A states that the Marine Department of Malaysia recognises any insurance company, Takaful operators, re-insurers, reinsurers, and retakaful licensed by Bank Negara Malaysia, see Paragraph A1.

PART A clarifies that shipowners may also seek other licensed service providers listed under the Bank Negara Malaysia Financial Sector Participants (FSP) Directory. These companies are listed in the Bank Negara Malaysia website at http://bnm.gov.my/regulations/fsp-directory

Currently, the two recognised licensed providers are:

[1] QBE Insurance (Malaysia) Berhad (trading as British Marine);

[2] MSIG Insurance (Malaysia) Bhd.

PART B - LIST OF FINANCIAL SERVICES PROVIDER WITH FINANCIAL SERVICES EXEMPTION ORDER (FSEO) BY BANK NEGARA MALAYSIA

This is a list of companies authorised to provide ‘Protection and Indemnity’ (P and I) insurance services in specified circumstances. All these companies have an ‘Exemption Order’ under the Financial Services (Protection and Indemnity Insurance in Respect of Ships)(Exemption) Order 2024

There are 3 companies in the Non-International Group:

[1] Archipelago Insurance Limited is authorised to provide insurance to Malaysian Ships of 300 gross tonnage or less;

[2] The next two companies are authorised to provide insurance to Malaysian Ships of 30,000 gross tonnage or less:

[a] Great American Insurance Company (Singapore Brach);

[b] Maritime Mutual Insurance Association (NZ) Limited.

There are 6 companies in the International Group, all authorised to provide insurance for Malaysian Ships of 30,000 gross tonnage or less:

[1] The Shipowners’ Mutual Protection and Indemnity Association (Luxembourg)(SOP);

[2] Gard P & I (Bermuda) Ltd (Gard)

[3] The West of England Ship Owners Mutual Insurance Association (Luxembourg)(West);

[4] North of England Protecting and Indemnity Association Limited trading as Sunderland Marine (NorthStandard);

[5] The Swedish Club (Swedish);

[6] Assuranceforeningen Skuld (Gjensidg)(Skuld).

Conditions Attached to PART B Companies

What is the period of validity? The Exemption Order is valid from 25 March 2024 to 24 March 2027, see Paragraph 2(a)(i).

Is there a requirement for collaboration? Yes, with Perlindungan dan Indemnity Malaysia Sdn Bhd (P&I Malaysia) for the issuance of the insurance certificate, see Paragraph 2(b)(ii).

What is the purpose of the collaboration requirement? To ensure that the PART B companies can offer P&I Insurance in the territory of Malaysia whilst complying with local regulatory requirements, see Paragraph 2(b)(iii).

What are the coverage limitations on PART B companies? Limits are based on the ship’s gross tonnage, ranging from 300GT or less (eg Achipelago Insurance Ltd), or 30,000 or less (eg International Group of P&I Clubs), see Paragraph 2(c)(i).

What conventions must be taken into account other than CLC1992, BCC2001 and WRC2007 when issuing the policies? Policies have to be consistent with the Limitations of Liability for Maritime Claims (LLMC Protocol 1996), see Paragraph 2(d)(ii).

Can Financial Security Services be provided by companies NOT listed in PART A and Part B? Yes, the shipowner will have to obtain written approval from Bank Negara Malaysia, see PART C, Paragraph 1.

Thank you for reading IMSML Website Article 23/2025

Stay tuned for the next IMSML Website Article 24/2025: MSN 02/2025 - Guidelines for the Application Process for Operating Bunkering Services 2025

Signing-off for today,

Dr Irwin Ooi Ui Joo, LL.B(Hons.)(Glamorgan); LL.M (Cardiff); Ph.D (Cardiff); CMILT

Professor of Maritime and Transport Law

Faculty of Law

Universiti Teknologi MARA Shah Alam

Selangor, Malaysia

Tuesday,  10 June 2025

Note that I am the corresponding author for the IMSML Website Articles. My official email address is: uijoo310@uitm.edu.my