Statutes

Article 1. Name

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.

Article 2. Purpose

Representing the members’ common interests in the field of marine insurance, contributing to a sustainable ocean industry.

Article 3. Functions of the Association

In order to advance its purpose, the Association shall endeavour: 1. to develop and maintain competitive Nordic insurance conditions in collaboration with customers, trade associations and other affected parties, 2. to make available to its members appropriate data-based statistics to support the...

Article 4. Membership

The 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...

Article 5. Associated membership

Companies 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...

Article 6. Application for membership/withdrawal

Applications 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...

Article 7. Exclusion

On 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...

Article 8. Accounting / audits

Annual 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 ...

Article 9. Management of assets

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.

Article 10. Membership fee

The annual membership fee and the asasociated 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.

Article 11. Assessment of contributions

Any 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...

Article 12. The General Meeting

The General Meeting is the Association's highest authority. An Ordinary General Meeting shall be held every year before the end of June. The Board of Directors shall call general meetings by giving not less than 14 days' written notice to all members. All members are entitled to attend and vote a...

Article 13. The Board of Directors

The Board of Directors shall consist of not less than four and not more than 10 members. The Board members and their personal deputies shall be elected for a term of two years. The Board of Directors directs the activities of the Association, but may appoint a managing director and other staff to...

Article 14. The Board of Directors’ administrative proceedings

The 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...

Article 15. Representation and authority to sign on behalf of the Association

The 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...

Article 16. Amendments to the statutes

A decision to amend the statutes must be supported by two-thirds (2/3) of the votes cast at the General Meeting.

Article 17. Dissolution of the Association

A 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...