(a) Each vessel which is built after or which undergoes a major conversion completed after July 27, 1990, must be classed by the ABS, or a similarly qualified organization.
(b) Each vessel which is classed under paragraph (a) of this section must:
(1) Have on board a certificate of class issued by the organization that classed the vessel.
(2) Meet all survey and classification requirements prescribed by the organization that classed the vessel.