New Legislative Amendments for Special Measures on Tanker Insurance Obligations Announced by Japan's Transport Ministry
New Legislative Amendments for Tanker Insurance Obligations
On March 13, 2023, Japan's Ministry of Land, Infrastructure, Transport and Tourism officially decided to revise the enforcement order of the special measures law regarding the specific insurance obligations for designated tankers. These amendments are particularly significant for the insurance of tankers transporting Iranian crude oil. The revisions will take effect on April 1, 2023, and are tied to the evolving complexities of international sanctions and insurance coverage in maritime transport.
Background of the Amendments
Since July 2012, international sanctions imposed by the European Union on Iran have drastically affected the ability of insurers to provide coverage for tankers transporting Iranian oil. This has created substantial challenges for Japanese companies that rely on this critical resource. In light of the need to continue importing Iranian crude, Japan passed the
Topics Policy & Public Interest）
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