C2.5.2.a. What is the form of the financial security system for the event of an abandonment?

The 2014 amendments to the MLC, 2006 introduced Standard A2.5.2 establishing, in implementation of Regulation 2.5, paragraph 2, requirements to ensure the provision of an expeditious and effective financial security system to assist seafarers in the event of their abandonment. Each member State shall ensure that a financial security system is in place for ships flying its flag which provides direct access, sufficient coverage and expedited financial assistance to abandoned seafarers. The financial security system may be in the form of a social security scheme or insurance or a national fund or other similar arrangements. Its form shall be determined by the Member after consultation with the shipowners’ and seafarers’ organizations concerned.

Repatriation