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1 Visit us Download this list from FOREIGN RESTRICTIONS (from IUMI - Freedom of Insurance ) A LIST OF COUNTRIES WITH RESTRICTIVE MEASURES IN THE FIELD OF MARINE INSURANCE ship Algeria 2, 4, 6 "Any importer who wants to insure the goods or the capital goods transported by sea should sign an assurance with an insurance company approved in Algeria. However, the goods or the imported capital goods that benefit from a financing are not subjected to this obligation of assurance. The conditions the modalities of application of the present article are clarified by statutory way." Art. 194 of the Code of Insurance Observer Ordinance N of January 25, Executive decree of 9 December 1995 specifies exceptions from the prohibition on non-marine insurance of goods imported by sea air. Bangladesh 2, 4 Goods imported for any Government or semigovernment sectors have to be insured with Sadharan Birma Corporation (SBC). Other goods may be covered by any other private company. Insurance Corporation Act of June 23, Substitution of Section 23, Act VII of 1973, in Ordinance n LI, Insurance Corporation Act of June 23, Substitution of Section 23, Act VII of 1973, in Ordinance n LI, Barbados 2, 4 In practice, many importers buy goods on a CIF basis, as suppliers can provide more favourable terms than those available locally. Law of March 23, Benin 2, 4 Decree N of November 16, 1983 File: Freedom of Insurance.doc Seite 1 von 8

2 ship Bolivia 1, 2, 3, 4 Regulations are not strictly enforced by customs as far as exports are concerned small importers have a tendency to ignore the law. Goods are frequently smuggled from Chile into Bolivia. Unbound. Law N of June 2, Brazil 2, 4 Direct insurance contracts with foreign insurers are allowed when risks cannot be covered by domestic insurers or are against national interest. Approval by the Superintendencia de Seguros privados (SUSEP) is required before the contract is signed. No for cross-border consumption abroad in MAT insurance, except for freight vessels. Resolution N 3-71 of January 27, 1971 Burkina Faso 2, 4 Imported goods exceeding F CFA in value must be insured with insurers authorised to operate in Burkina Faso. Several organisations such as governmental international organisations, oil companies, are released from this obligation. Ordinance N of November 17, Decree N 84 of December 30, Burundi 1, 2, 3, 4 Ordinance N of June 9, Cambodia 2, 4 Despite a new regulation introduced in February 2001 that encourages clients insurance agents to place their business in Cambodia, most export trade is conducted on a FOB basis imports are purchased CIF. Only 10% of all export/import trade are insured in Cambodia. Observer Section 1 General Regulation of the Ministry of Finance Circular N 2 of April 6, Regulation Cameroon 2, 4 It is forbidden to insure imported goods abroad when their value exceed F CFA. Exemptions are possible subject to previous agreement with the Ministry of Finance. Law N 7514 of December 8, Decree N 76/334 of August 6, Decree N of April 22, Cape Verde 1, 2, 3, 4 Exemptions possible subject to previous agreement by the Ministry of Finance in Cape Verde. Observer Decree 30/78 of 22 April Central African Republic 2, 4 Imported goods with a value equal or exceeding F CFA must be insured locally. Goods are cleared only after production of the certificate of insurance. Ordinance N of August 2, Decree N of April 27, File: Freedom of Insurance.doc Seite 2 von 8

3 ship Chad 2, 4 Imported goods with a FOB value equal or exceeding F CFA must be insured locally. Decree N 736 of November 19, Decree N 0019 of April 2, Congo (Brazzaville) 2, 4 All properties goods imported into Congo must be insured with the ARC (Société d'assurances et de réassurances du Congo). An insurance certificate is required for Customs clearance. Decree N of October 31, Congo Democratic Republic (Kinshasa) 1, 2, 3, 4 In practice, a number of imported goods are bought on a CIF basis, as domestic capacity is not sufficient enough to settle claims. For currency saving purpose, exports are frequently sold on a FOB basis, freight insurance being borne by the buyer. Law N of January 5, Law November Cuba 1, 2, 3, 4 Local insurance of imports exports encouraged by article 36 of decree N 177 of Djibouti 2, 4 Local insurance of imported goods is obligatory. Under the terms of the new law on insurance 2000, imported goods can be taken out either with Djibouti-based insurance companies or with natural person or legal entities authorised to operate in the country. Accordingly, insurance of imports abroad seems to be forbidden. Article 193 of the insurance law Dominican Republic 2, 4 Authorisation may be given when cover is not available locally. Unbound Law N 28 of December 23, 1975, amending Law N 26 of May 10, Ecuador 2, 4 Authorisation of the Surperintendency may be granted when insurance is not available locally. Unbound. Decree N of February 25, Law on Insurance (Official Register n 290 of ) Art. 66 c) d). Ethiopia 1, 2, 3, 4 All imports into Ethiopia must be carried out only through letters of credit, when applying, insurance certificates are required. Observer Notice N 1/1977 of January 5, File: Freedom of Insurance.doc Seite 3 von 8

4 ship Gabon 2, 4 Imported goods of a FOB value exceeding F CFA must be insured locally. Ordinance N 6/79 of February 22, 1979 Decree N 0215/PR/MINECOFIN of February 22, Ghana 2, 4 "Except in case of personal effects, every insurance in respect of any goods imported into Ghana shall be placed with an insurer registered in Ghana". Even so, some imports are still being placed directly offshore or insured on an illegal CIF basis. Decree of 1 st January 1973 Ghana Shippers Council (Cargo Sharing). Regulations, 1987 (legislative instrument N0 1347). Insurance Law of Guinea 2, 4, 6 Decree N 234/PRG/84 of September 24, Ordinance N 080-PRG/87 of Indonesia 2, 4 abroad is allowed only if there is no insurance company which could hle the insurance risks of the object in question. Restriction will not be eliminated before In addition, legal requirement is often circumvented most imports continue to be bought on a CIF basis. Unbound except as stated in the remark column. Articles 5 & 6 of Decree N 40 of October 26, Article 6 (Chap. V) of the Insurance Business Law N 2/1992 of February Article (Chap. II) of Government Regulations N 73 of October 30,1992 on the insurance business implementation Iran 2, 4 Iranian imported goods for which Iranian banks have accepted to open a letter of credit must be insured locally. Letters of credit are accepted only when a local Cargo policy provides a minimum of Clause C cover. Article 70 of the Establishment Act of the Central Insurance Authority of Iran (CIAI) -Law of 29 June Exceptions possible depending on the contract/agreement concerned. Iraq - Laws governing transport insurance in Iraq no longer apply due to particular commercial conditions after war. All shipments imported to Iraq with United Nations approval are insured abroad. Central Bank Regulations of Iraq. Ivory Coast 2, 4, 5 A minimum level of cover on imported goods must be placed in Ivory Coast a certificate of local insurance must be produced to clear goods through customs. Decree-law of 1 January 1987 Ordinance of 7 March Recommendation N 0012/CMA/CE/CIMA, File: Freedom of Insurance.doc Seite 4 von 8

5 ship Jordan 2, 4 In practice, customs authorities do not check whether consumption is made abroad. Unknown Insurance Business Code N 30, 1984, as modified in Kenya 2, 4, 6 In practice, a large volume of imported cargo enters Kenya on a CIF basis. Unbound except for aviation, marine engineering. Decree of 1st July Insurance Act of 1984 Insurance Regulations of Liberia 1, 3 Rumours circulate that local exports insurance is now compulsory. Confirmation is waited for. Intention of application Libya 2, 4, 6 Only public entities, cooperatives self-managing firms are granted import licences. Libyan imports are contracted on a FOB or C&F basis. Under the legislation available, it is not clear whether local insurance is compulsory or not. Ordinance N of June 16, Madagascar 2, 4 Ordinance N of 16 June Malaysia 2, 4 Approval for consumption abroad granted if insurance is not available from direct insurance companies in Malaysia. Most exports are sold FOB many imports are purchased CIF despite tax incentives for importers if they insure cargo locally. Recommendation of the National Economic recovery Plan. Mali 2, 4 Dispensations possible for food aid equipment intended to develop domestic industry economy. Law N of August 15, Decree N 314 of December 5, Decree N 3664 of July 14, Law N of June 21, Mauritania 2, 4 Ordinance N of January 25, Decree N of June 9, Morocco 2, 4, 6 Under certain circumstances, CIF purchases are allowed. For instance, when they are financed outside Morocco subject cross-border consumption. Ordinance N of January 25, Decree N of June 9, File: Freedom of Insurance.doc Seite 5 von 8

6 ship Niger 2,4 Imported goods of a FOB value equal to or exceeding USD 2000 must be insured locally when carried by air USD when carried by sea or by l. Production of a certificate of insurance required for customs clearance. Ordinance N of May 23, Decree N of May 23, Nigeria 2, 4 Some imports are insured locally on "C" clauses or even total loss only, then insured abroad on "A" clauses to gain hard currency cover. Although reducing, the use of counterfeit or forged insurance certificates is still reported. Unbound. Insurance Decree of 7 December Confirmed by new legislation of Oman 1, 2, 3, 4 Despite legal requirements, imports are occasionally purchased CIF. The Omani government has indicated it will open its market by 2005 following its membership to the WTO. Law of October 1, Pakistan 2, 4 Imported goods must be insured locally in national currency. Despite such legal requirement, some importers limit local insurance to total loss arrange for all risks cover to be placed by the shipper included in the invoice cost. In the event of loss or damage, claim is then paid overseas in foreign currency, which facilitates replacement. Government semigovernmental risks, imports of machinery heavy goods must be insured with the National Insurance Corporation which insures all public sector business. Unbound Pakistan Insurance Corporation Act N 37 of May 8, Export Credit Guarantee Insurance Scheme Rules of National Insurance Company Act of Rwa 1, 2, 3, 4 Law of July 14, Senegal 2, 4 All goods merchises directly imported for trade or industrial purpose must be insured either through representatives approved by Minister in charge of finance or through brokers established in Senegal. Law of February 18, Decree of November 24, Seychelles 1, 2, 3, 4 Observer Insurance Act of November 1, File: Freedom of Insurance.doc Seite 6 von 8

7 ship Sierra Leone 2, 4 Section 76 of Insurance Act Law of April 15, Solomon Isls 2, 4 Public notice pursuant to Section 10 (3) of the Insurance Act Somalia 2, 4 Law N 69 of September 30, Sudan 2, 4 A local marine cargo policy covering transit must be presented to Customs for clearance. Authorisation for non-admitted insurance may be granted by the Minister of Finance in special circumstances. Syria 2, 4 Imported materials goods are subject to insurance with SIC (Syrian Insurance Company) at least for Clause C cover. Exported goods may be insured abroad. Observer Ministerial Order of March 13, Control Supervision of Insurance Business Act Order N 337, 28 May Tanzania 2, 4 Local importers tend to import goods on a CIF basis despite the legal requirements. Insurance Act 1996 gazetted on 13 March Togo 2, 4 Imported goods of a FOB value equal to or exceeding USD 1000 must be insured locally. Goods are often imported on a CIF basis despite the legal requirements. Law N Decree N of June 3, 1987 (Cat. N 2) Tax Code, Chapter 2, Article 865, Paragraph 4. Insurance Act of 1996 gazetted on 13 March Tunisia 2, 4 Imported marine cargo of a value equal to or exceeding TND 3,000 (USD 2,12) must be insured locally. Exports are usually sold either C&F or FOB. The air, sea l transport of goods for imports must be insured in Tunisia. o Law N 80/88 of December 12, o Decree N of November 24, Uga 1, 2, 3, 4 Offshore coverage seems to be continuing. Insurance Act Yemen 2, 4 Imports into Yemen are supposed to be insured with Yemeni Insurers, but in practice this is often ignored imported goods enter the country on a CIF basis. Observer Memo by the Ministry of Commerce & Industry, dated December 16, Ref. 5060/9. File: Freedom of Insurance.doc Seite 7 von 8

8 1) Forbidden for the seller to insure exports abroad 2) Forbidden for the buyer to insure imports abroad 3) Forbidden for the seller to export on a FOB basis 4) Forbidden for the buyer to import on a CIF basis 5) Special taxes extra charges 6) Currency restriction GFH GUSTAV F. HÜBENER GMBH Underwriting Agent for Marine Insurance Established 1886 Alter Steinweg 1 D Hamburg / Germany Phone: Fax: Mail: info@gfh-insurance.com Internet : File: Freedom of Insurance.doc Seite 8 von 8