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How are the IOPC Funds financed?
The IOPC Funds are managed by its Member States but financed by the oil industry, specifically by any entity that has received in the relevant calendar year more than 150 000 tonnes of contributing oil (i.e. crude and/or heavy fuel oil) in ports or terminal installations in a Member State, after carriage by sea. Contributions are paid by those individual entities (“contributors”) directly to the Funds.
The amount each entity is required to pay in contributions each year depends on the amounts of oil it has reported as received in the previous calendar year. The governments of Member States are obliged to submit such reports annually to the Secretariat. These are then used to calculate the monies required to administer the Funds and to pay claims approved by the governing bodies. It is an established and successful system that follows a set annual cycle.
What to report and how
All Member States are required to report to the Director each year details of those companies liable to pay contributions to the organisation as well as the quantity of relevant oil received. Information and guidance on what should be reported and how to do so is available.
The invoicing and payment process
The amount to be paid to the IOPC Funds by each oil receiver in a Member State is calculated on the basis of the oil reports submitted. Invoices are issued accordingly to provide monies to administer the Funds and to pay claims approved by the governing bodies.
Thinking of joining? We're here to help
The submission of oil reports can be problematic for new Member States and we are anxious to provide any assistance needed at an early stage. We make every effort to work with those States considering acceding to the 1992 Conventions to clarify the process and provide assistance with the preparation of national legislation wherever we can.
Measures to encourage the submission of oil reports
The submission of oil reports and payment of contributions are essential to the proper functioning of the international liability and compensation regime. It is a highly successful system which has the support of Member States and contributors alike. However, in order to address the small number of States or contributors who do not fulfil their obligations to submit reports or pay contributions, the IOPC Funds’ governing bodies have adopted a number of key Resolutions set out below and a specific policy on possible deferment of compensation payments.