IUA Offers Help With Regs Worldwide

NU Online News Service, Feb. 23, 11:34 a.m.EST?The International UnderwritingAssociation of London said it is offering members information onthe Web to help them wend their way through regulatory red tapesurrounding international insurance and reinsurancebusiness.[@@]

Among the regulations it will provide advice on are initiativesfrom the Financial Services Authority and the European Union, aswell as individual countries, including the United States.

IUA has established a Compliance Committee that will examinecurrent issues and provide a forum for the exchange of informationand experiences. In addition, dedicated compliance information willbe posted in a new section of the IUA's restricted Web site.Updated compliance information will also be incorporated into a newIUA newsletter.

Marie-Louise Rossi, chief executive of the IUA, said the growingburden of regulation has resulted in increased calls from membercompanies, and the new committee will play an important role in"expanding and improving the provision of compliance data availableto the market."

Besides reporting compliance developments to members, the IUAresponds to such initiatives and, if necessary, lobbies for theirimprovement. Issues in 2003 included new federal excise tax rulesin the United States, the EU Reinsurance Directive, World TradeOrganisation and FSA consultative papers, IUA said.

The new Compliance Committee will include compliance officers,legal counsel and company secretaries within IUA member firms,together with key individuals from the association's secretariat,IUA said.

Rob Mankiewitz will chair the committee, which will expand onthe work of the existing Solvency, Accounts and Taxation subcommittee, which will continue to monitor new legislation andregulation. Like SATS, the Compliance Committee will report to theIUA's Representation and Legislation Executive Committee, currentlychaired by Ms. Rossi.

Individuals within the IUA secretariat have also been identifiedas a first point of contact for questions on a variety ofcompliance topics ranging from data protection rules to the EUreview of solvency.

IUA of London represents international and wholesale insuranceand reinsurance companies. It is both a trade association,representing its members' interests internationally, as well as amarket association supporting the business environment inLondon.