News

News Categories
Recent News

News by Month

ICC announces that Dubai Banking Commission Meeting will be re-scheduled due to COVID-19 outbreak

12/03/2020

Message from ICC Secretariat 12 March 2020:

In light of the current outbreak of COVID-19 around the world, the Secretariat has to inform you that the ICC Banking Commission Annual Meeting in Dubai originally scheduled on 20-23 April 2020 will be rescheduled. The safety of the participants, sponsors and speakers is our foremost concern and was the main trigger of this decision.  We will work closely with the Chairs of the various Workgroups and Task Force to find an alternative solution to carry on with the programme of the ICC Banking Commission. We will be in touch with you all once relevant information will be made available.

It is a decision jointly made by ICC Banking Commission Executive committee, and the ICC Secretariat in consultation with the local host organization, ICC UAE and Dubai Chamber of Commerce & Industry. 

The ICC Secretariat is fully committed to ensure the safety and health of our community and this rescheduling will enable us to provide the experience that our members, partners, and attendees deserve, in a safe environment.

Please note that all registrations will be offered a full refund.


Back to recent news

Recent News

26/11/2024

The latest newsletter is now available in the members trade information section under the category of 'Newsletters'...more

ICC release Technical Advisory Briefing No. 11 - Definition of Trade Finance 19/09/2024

Recognising that there is no global standard for the defining Trade Finance, this Briefing document provides a suggested text and has been recommended for use by the ICC Banking Commisison Steering Committee...more

Latest Question

We, as the issuing bank, requested the below document, under field 46A. “Insurance policy/certificate for 10.00 percent above CIF value payable to the order of Sampath bank PLC, covering institute cargo clauses (a), institute war clauses (cargo), institute strike clauses (cargo), transshipment risks marked premium paid claims payable in Colombo irrespective of percentage.” Insurance certificate is presented containing below wording on the face side of the document. “The settlement of loss and damage will be effected, unless otherwise provided, through the intermediary of Marsh SA/NV to whom all documents are to be forwarded for this purpose, and will collect the indemnity under deduction of a commission of one percent” Also, it indicates the LC conditions as a mirror image as follows under the heading of "letter of credit conditions" whereas insurance conditions are incorporated separately in the certificate: "covering institute cargo clauses (A), institute war clauses (cargo), institute strike clauses (cargo), transshipment risks marked premium paid claims payable in Colombo irrespective of percentage" Having considered the above clauses, we have quoted below discrepancies. 1) Insurance policy indicates a deductible of 1 pct instead of irrespective of percentage. 2) Insurance not marked premium paid Beneficiary’s bank disagrees with our discrepancy and raised below argument: “Insurance policy/certificate does not indicate a deductible of 1 pct irrespective of percentage on the face of the document and banks will not examine terms and condition in insurance document as per ISBP paragraph K22 and marked as premium paid under the LC conditions. Considering above, may we have your opinion on the discrepancy quoted by us and the counter argument raised by the beneficiary’s bank.