CIRCULAR

The Board of Directors of Maritime Mutual Insurance Association (NZ) Limited (MMIA) had its regular, scheduled meeting on 20th October 2025.

While all of MMIA’s activities to date have been in full compliance with all applicable international sanctions, the Board of MMIA resolved at that meeting to take the following additional and immediate steps with effect from 20th October 2025, in light of the disproportionate amount of management and compliance time associated with tankers (which make up less than 6% of our insured fleet):

  1. MMIA will not provide cover to any vessel which appears on any list of vessels which is identified by Lloyds List or Windward as being in the “shadow fleet” or “dark fleet”; and
  2. MMIA will not provide cover to any vessel which is carrying Russian origin oil or refined petroleum products, even if the cargo being carried complies with the international price cap mechanism.

Rule 45 Circulars and Risk Bulletins
The Directors or Managers may from time-to-time issue and publish on its website Circulars and Risk Bulletins containing recommendations to Members in connection with the operation of their entered ships during the period of insurance, compliance with which shall be deemed a condition of continued coverage unless otherwise agreed with the Managers in writing.

Yours faithfully,


The Board of Directors
Maritime Mutual Insurance Association (NZ) Limited

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