Law on Liability and Compensation for Oil Pollution Damage by Sea Ships (Oil Damage Act - ÖlSG).

The Act provides for liability and compensation for oil pollution damage by the seagoing ships and vessels. The Acts describes the obligation to maintain insurance and other financial security on board including the 1992 oil insurance certificate. The Act further provides for costs and fines that are levied by the Federal Maritime and Hydrographic Agency. According to the Act the Federal Ministry for Economic Affairs and Energy shall notify the Director of the International Compensation Fund for Oil Pollution Damage with regard to the received contributory oil. Penalties are verified for anyone who does not maintain insurance or other financial security.
The Act consists of 3 parts and 14 Articles. The third part and Articles 10-14 are deleted. The provisions of the Act are: (1) Liability and Compensation for Oil Spill Damage; Compulsory insurance; (2) Certificate of insurance or other financial security; Authorization to issue ordinances; (3) Carrying of the certificates; Holding the ship; (4) Official Responsibilities; Fees and costs; (5) Notification of the quantities of oil received; (6) Jurisdiction; (7) Recognition and Enforcement; (8) Penal Provisions; (9) regulations on fines.