IUA Offers Help With Regs Worldwide
NU Online News Service, Feb. 23, 11:34 a.m. EST?The International Underwriting Association of London said it is offering members information on the Web to help them wend their way through regulatory red tape surrounding international insurance and reinsurance business.[@@]
Among the regulations it will provide advice on are initiatives from the Financial Services Authority and the European Union, as well as individual countries, including the United States.
IUA has established a Compliance Committee that will examine current issues and provide a forum for the exchange of information and experiences. In addition, dedicated compliance information will be posted in a new section of the IUA's restricted Web site. Updated compliance information will also be incorporated into a new IUA newsletter.
Marie-Louise Rossi, chief executive of the IUA, said the growing burden of regulation has resulted in increased calls from member companies, and the new committee will play an important role in "expanding and improving the provision of compliance data available to the market."
Besides reporting compliance developments to members, the IUA responds to such initiatives and, if necessary, lobbies for their improvement. Issues in 2003 included new federal excise tax rules in the United States, the EU Reinsurance Directive, World Trade Organisation 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 on the work of the existing Solvency, Accounts and Taxation sub committee, which will continue to monitor new legislation and regulation. Like SATS, the Compliance Committee will report to the IUA's Representation and Legislation Executive Committee, currently chaired by Ms. Rossi.
Individuals within the IUA secretariat have also been identified as a first point of contact for questions on a variety of compliance topics ranging from data protection rules to the EU review of solvency.
IUA of London represents international and wholesale insurance and reinsurance companies. It is both a trade association, representing its members' interests internationally, as well as a market association supporting the business environment in London.
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