Purpose
Article 1
1. The International Union of Marine Insurance, hereafter called IUMI, was founded in January 1874. Its purpose is the representation, safeguarding and development of insurers' interests in marine and all types of transport insurance.
2. Whenever the expression "marine insurance" is mentioned, it is understood to mean "marine and transport insurance".
3. The seat of IUMI is in Switzerland, as determined by the executive committee.
Membership
Article 2
1. Membership shall be limited to national or market marine insurance associations, or in the absence of such associations or if special circumstances warrant an exception to this rule, by similar bodies acting in the same capacity as national or market marine insurance associations and representing exclusively the interests of insurers pursuing the aims mentioned in Article 1. These bodies shall hereafter be called Member Associations.
In countries where the law empowers a sole insurance company or organization to act as a national body, the latter is eligible for membership and may be admitted in lieu of an association.
2. Applications for membership shall be addressed to the president of IUMI and applicants shall declare their willingness to conform to the articles of association.
3. Elections for membership shall be valid when approved by a three-fourths majority vote of those delegations present at the council meeting.
4. Associations fulfilling all qualifications as set out in section 1 above but deciding to wait for formal application may apply to attend a specific annual conference as observers subject to the approval of the executive committee.
Observers have no vote and pay no membership fee.
5. Member associations may only withdraw from IUMI at the end of the calendar year, after having given six months' notice to the president and secretary general.
6. A member association may be expelled from membership by a nine-tenths' majority vote of those delegations present at the council meeting.
The executive committee may expel a member association without formal approval by the council, if such an association's membership fee remains unpaid for two (2) calendar years.
7. Affiliated and Commercial members.
Upon consideration and decision by the executive committee, associations, groupings and organizations which are related to the marine insurance industry may be invited to join IUMI as affiliated members or commercial members.
8. Affiliated members are invited to IUMI conferences and may participate in technical committees (8, 4). Commercial members are invited to IUMI conferences.
9. Membership and conference fees for affiliated members can be waived by decision of the executive committee. Commercial members will pay membership fees and conference fees as decided by the executive committee.
10. The executive committee may restrict the number of participants of any one affiliated member or commercial member or observer in IUMI conferences.
11. An affiliated or commercial member can be expelled by decision of the executive committee.
Organization
Article 3
The organization and administration of IUMI is vested in
a) the council
b) the executive committee.
Council
Article 4
1. The council is formed by the delegations of the member associations.
2. A delegation consists of not more than four (4) persons.
3. Each delegation has a chairman and all members of a delegation, except the secretary or staff executive of the member association, should be well qualified and experienced marine insurance practitioners.
4. Each delegation of member associations has one (1) vote.
5. The council elects annually the president of IUMI and members of the executive committee.
6. The council takes all decisions necessary to fulfil the purpose of IUMI as laid down in Article 1.
Apart from elections and decisions regarding the organization, administration or finances of IUMI, any conclusion or agreement reached by the council is not, however, binding upon any member association unless and until such conclusion or agreement is thereafter ratified by the member association and notice of the ratification filed with the secretary general.
The Executive Committee
Article 5
1. The executive committee consists of the president of IUMI and of not more than six (6) vice chairmen. The council may elect as vice chairman any marine insurance executive, active in a member association, who preferably has acquired an experience of IUMI in serving on technical committees or similar functions.
The mandate is a personal one.
2. Not less than two (2) of the vice chairmen retire annually, but are eligible for re- election.
The term of service for the vice chairmen is two (2) years, renewable at the vice chairman's and executive committee's discretion, for another term of two (2) years.
In exceptional circumstances, and upon the recommendation of the nominating committee, the term of service of a vice chairman may be extended further, subject to the vote of the council.
3. The executive committee is responsible for the administration and management of IUMI. It carries out this duty according to general directions given by the council.
4. The executive committee appoints a secretary general and assigns to him/her specific duties and authorities regarding the administration and management of IUMI.
5. The executive committee may appoint liaison officers to represent IUMI on an ad hoc or regular basis at international governmental or non-governmental organizations or at any meeting, debate or other occasion where matters affecting marine insurance form part of the agenda.
6. The executive committee may appoint individual technical experts, to deal on behalf of IUMI with specific subjects related to marine insurance.
7. The executive committee may grant the status of Observer to any organization which does not fullfill the requirements of an affiliated member (2,9).
The President
Article 6
1. The president of IUMI is chairman of the council and of the executive committee.
2. The president presides over all meetings of IUMI and is an ex-officio member of all committees.
3. The president is authorized to act and sign for and on behalf of IUMI.
4. Should the president be permanently unable to carry out his/her functions, the executive committee is empowered to elect his/her successor until the next meeting of the council.
5. In the absence of the president at any meeting of IUMI, one of the vice chairmen, appointed by the executive committee, acts in his/her stead.
The Nominating Committee
Article 7
1. The nominating committee is a representative body of IUMI and composed of individuals from different member associations, appointed annually by the president.
The nominating committee consists of not less than five (5) and not more than nine (9) members.
The mandate is a personal one.
2. The purpose of the nominating committee is to propose to the council for election candidates for the presidency of IUMI and for the posts of retiring vice chairmen.
Other nominations can be made from the floor at the time of election provided the candidate proposed has the written support of seven (7) member associations present at the meeting.
Technical Committees
Article 8
1. The executive committee forms technical committees, to deal with areas of interest to the marine insurance industry.
2. Each technical committee is composed of representatives of three (3) or more member associations. These associations are designated by the executive committee in consultation with the committee chairmen.
3. Individuals to serve on the committees are appointed by their member association with the consent of the committee chairmen.
4. The committee chairman may also appoint individuals from affiliated members to serve on his/her committee.
5. The chairman of each technical committee is appointed by the executive committee.
Council Meetings
Article 9
1. The executive committee calls a council meeting once a year, the agenda of which should be sent to member associations at least thirty (30) days in advance.
2. Any executive or underwriter accredited by a member association may participate in a council meeting.
3. Anyone attending the council meeting is free to discuss any item on the agenda, but those wishing to have certain matters considered by the council must make the necessary representations through the member associations' official delegations.
Finances, Assets and Membership Fee
Article 10
1. The financial year of IUMI is the calendar year.
2. IUMI's activities are reported to council from October until September of the following year.
3. For debts of IUMI only its assets can be held liable.
4. The assessment of the annual membership fee is determined by the council.
Dissolution of IUMI
Article 11
The dissolution of IUMI must figure on the agenda and requires a majority vote of nine-tenths of all member associations present at the council meeting.
Amendments to the Articles of Association
Article 12
1. Amendments to the articles of association must figure on the agenda of the council meeting, and require a three-fourths' majority vote of the member associations present to pass.
2. These articles of association have been agreed upon by the council in Eastbourne on September 25, 1950 and include all amendments as approved by the council, the last amendment having been resolved in Vancouver on September 15, 2008.
Sept. 2008
