The International Chamber of Shipping (ICS), which represents over 80 % of the[ds_preview] world merchant fleet, has welcomed the decision by the European Commission (EC) competition directorate to close its investigation into the activities of the International Group of P&I Clubs. ICS Director of Legal Affairs, Kiran Khosla, remarked: »ICS has always firmly stated that the current system of mutual third party liability insurance provided by the International Group continues to serve the best interests of ship operators and their customers extremely well, alongside serving the interests of claimants and the general public.« The EC had stated that it was simply conducting an investigation, and that this did not imply that there was ever any proof of infringement. The EC had also advised that it had opened the investigation on its own initiative and that it had not received any formal complaints. In bilateral discussions with the Commission, ICS and the European Community Shipowners’ Associations (ECSA) have previously emphasised that the mutual insurance arrangements provided by the P&I Clubs are efficient and cost-effective.
