Currently there is no formal procedure to enable domain name owners renew their contracts. Cybersquatters often register coveted domain names that have expired, before the original registrants renew their contracts. ICANN aims to address this problem by introducing the new system, which will give legitimate parties more opportunities to claim and register a lapsed domain name.
According to ICANN president Stuart Lynn, the proposals are part of a general plan to reform the organisation, which was established in 1998 through an agreement with the US government.
The meeting ends today with a discussion on a proposal to impose 25% tax on all domain name registrations.