26 May 2015 Insurance

IUA establishes delegated authority committee

The International Underwriting Association has established a new London market committee to discuss delegated underwriting authorities in response to a growing number of queries.

The IUA delegated authority underwriting group will be open to all association members involved with such business and will represent the interests of practitioners to government, regulators and other bodies where appropriate.

Dave Matcham, IUA chief executive, said: “There is an increasing regulatory focus on delegated authorities and insurers are under pressure to make sure that their oversight of coverholders is diligent and robust.

“As a result the IUA is receiving more and more questions about how companies can fulfil their obligations. Underwriting, claims and compliance issues have all been raised. There is also concern about how delegated authority agreements will be impacted by various business process modernisation initiatives underway in the London Market.

“It seems, therefore, that the time is right to create a new group that will complement our existing underwriting and claims committees for different business classes.”

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