New Zealand joins the Supplementary Fund
The Director has been informed by the International Maritime Organization that on 29 June 2018 New Zealand deposited an instrument of accession to the Supplementary Fund Protocol with the Secretary-General of IMO.
The Protocol will enter into force for New Zealand on 29 September 2018, bringing the number of Supplementary Fund Member States to 32.
The Supplementary Fund provides an extra layer of compensation to those 1992 Fund Member States that have also opted to ratify the Supplementary Fund Protocol, increasing the amount of compensation available for an incident to some SDR 750 million (around USD 1 090 million). The importance of increasing the number of States Parties to the Supplementary Fund Protocol is often discussed at meetings of the IOPC Funds’ governing bodies and continues to be a priority for the IOPC Funds’ Secretariat.
The Director is delighted that New Zealand has decided to increase its protection to the maximum level available and hopes that other States, particularly those that would be at greater risk to the effects of an oil spill, will join the Supplementary Fund in the future.