Run-off: Promoting best practice
The Insurance & Reinsurance Legacy Association (IRLA), now in its 20th year, has as its primary concern the advancement of the interests of its members and the insurance and reinsurance legacy sectors in the UK, European and worldwide markets, by supporting the development of professional standards and learning and by promoting best practice in the legacy industry.
The association was rebranded in 2012 following the recognition that run-off in the insurance markets had evolved considerably and that the legacy sector now included many professionals who were working within live insurance companies. Appreciating that the same focus on legacy existed in the US and across continental Europe, it became important for IRLA to review its focus and to new find ways of supporting its more global membership.
Since its formation IRLA has been an exceptional forum for the legacy industry in providing a single coordinated voice to government, regulatory bodies and other interested parties worldwide. As an example, IRLA’s first meeting (in its previous incarnation as the Association of Run-Off Companies) addressed the market move that prevented run-off companies retaining their lead position for claims adjustment.
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