The Nordic Association of Marine Insurers (Cefor)
(Adopted at the Annual General Meeting on 5 March 2009, amended at the General Meetings 29 March 2012, 19 April 2016, 6 April 2017, 24 October 2019, 2 April 2020 and 7 December 2023.)
The name of the Association is The Nordic Association of Marine Insurers (Cefor).
The Association is a merger of Sjøassurandørernes Centralforening (CEFOR), founded on 15 August 1911, and Gjensidige Skipsassurandørers Komité, founded on 5 June 1885.
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Representing the members’ common interests in the field of marine insurance, contributing to a sustainable ocean industry.
Read MoreTo advance its purpose, the Association shall endeavour: 1. to develop and maintain Nordic marine insurance conditions in collaboration with customers, trade associations and other affected parties, 2. to provide appropriate statistics and trend analysis to support safety at sea and the general...
Read MoreThe following may be admitted as members of the Association: 1. Nordic insurance companies engaged in marine insurance activities in the Nordic region in conformity with insurance legislation in the Nordic country in which the company is headquartered, 2. foreign insurance companies engaged in...
Read MoreCompanies that satsify the membership criteria set out in Article 4 may apply for an associated membership subject to payment of an associated membership fee as per Article 10. Associated membership may only be granted if the company's aggregate premium volume for marine insurance does not exceed...
Read MoreApplications for admittance as a member of the Association are considered by the Board of Directors, which may grant the application by a unanimous decision. If the Board members do not agree on the granting of the application, it shall be submitted to a General Meeting for decision. The membersh...
Read MoreOn the proposal of the Board of Directors or at least four members, a General Meeting may decide to exclude a member from the Association due to misconduct, misrepresentation or dishonesty. To be valid, this decision must be approved by at least three-fourths (3/4) of the votes cast. The member i...
Read MoreAnnual financial statements covering the calendar year and comprising an income statement, a balance sheet and an annual report shall be prepared in conformity with good accounting practice and accounting legislation currently in force. The financial statements shall be professionally audited on ...
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The Association's assets shall be managed by the Board of Directors. The Board may delegate such management to permanently employed staff or external managers. The Board shall ensure adequate oversight of such management.
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The annual membership fee and the associated membership fee are determined by the General Meeting.
The ordinary membership fee shall be paid together with the contribution that is assessed pursuant to Article 11.
Read MoreAny of the Association's expenses that are not covered by the membership fee determined pursuant to Article 10 shall be apportioned between the ordinary members proportionately to each company's gross premium due for direct marine insurance for the financial year (including any co-insurance...
Read MoreThe General Meeting is the Association's highest authority. An ordinary General Meeting shall be held every year before the end of June. The General Meeting is called by the Board of Directors upon giving at least 14 days' written notice to all members. All members are entitled to attend and vot...
Read MoreThe Board of Directors shall consist of minimum four and maximum ten members. The Board members and their personal deputies shall be elected for a term of two years. The Board of Directors is responsible for the administration and management of the Association but may appoint a managing director...
Read MoreThe Board of Directors shall meet regularly upon being convened by the Board Chair to consider current matters that fall within its remit. The Board shall discuss matters at meetings, unless the Board Chair finds that the matter may be submitted in writing or considered satisfactorily in another...
Read MoreThe Board of Directors represents the Association and signs on its behalf. The Association is also bound by the signature of the Board Chair or by the joint signatures of two (2) of the other members of the Board. The Board of Directors may authorise the managing director or other permanent...
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A decision to amend the Articles of Association must be supported by two-thirds (2/3) of the votes cast at the General Meeting.
Read MoreA decision to dissolve the Association may only be made by the ordinary General Meeting upon a proposal by not less than one-third (1/3) of the members. The proposal must be sent to the Board of Directors not less than three months before the date of the General Meeting. A decision regarding...
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Cefor recognizes the importance of complying with all legal insurance requirements, competition and antritrust laws, sanctions or any other laws and regulations which may be applicabe to the activities of Cefor members in all respect.
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These Articles of Association shall be governed and interpreted in accordance with Norwegian law. Any disputes arising from the Articles shall be brought to the ordinary courts of Norway.
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