The article examines mandatory (compulsory) nature of maritime civil liability insurance associated with seafaring. The key question is whether maritime civil liability insurance is indeed a type of compulsory insurance and, if so, whether it falls under the 2003 Law on Compulsory Insurance. The author analyses different maritime civil liability insurance schemes in context of their conformity with legal definition of compulsory insurance and its requisite legal features. Finally, the article reviews the amendments to the Maritime Code as proposed by the Maritime Law Codification Committee, in particular those relating to the unification of rules on financial security.