100 Airmic members register on compliance database
The new Airmic-Axco database of international insurance regulations, Insight Risk Manager, has already proved popular with the risk management industry.
Launched in June, more than 100 Airmic members have already registered and are actively using it, and the number of users continues to rise at a steady pace, the risk management body said.
The main focus of Insight Risk Manager is to provide guidance on the rules covering admitted and non-admitted insurances by jurisdiction. The launch version covers regulations in thirty countries representing 93 percent of the world’s property and casualty insurance premiums. The remaining countries will be phased in.
“I’m delighted,” said technical director Paul Hopkin. “We’ve had very positive feedback from members and we’re working with Axco to add more countries to the database.”
Bill Brannan, deputy head of group insurance at the Royal Bank of Scotland Group, signed up to the database after its launch and uses it on a weekly basis. “I would certainly recommend use of the database to others in the industry as it is a ‘one stop shop’ for obtaining accurate and comprehensive country information,” he said.
He added: “On most occasions we were able to successfully access the information necessary to assist in our enquiries. The information available is readily understandable and presented in an easy to read format.”
The database addresses the concerns of corporate insurance buyers, many of whom have said it is impossible for them to be certain that their global programmes comply with regulations in all their territories. Failure to comply can result in fines, voided claims and bad publicity.
Surveys have found it to be a top stay-awake-at-night issue for many insurance buyers.
“The key concern is to ensure that we are wholly compliant with the regulatory requirements for insurances globally,” Brannan explained. “For example, a global insurance programme will potentially fall foul of requirements for certain territories where non-admitted insurances are expressly prohibited.”
Tim Yeates, business development director at insurance information specialists Axco, added: “There is a real sense that the insurance industry and the buyer community are working together in a new collaborative way.”
The Federation of European Risk Management Associations (FERMA) is currently in talks with Axco about how the database might be extended to buyers in other countries by 2015.
Julia Graham, FERMA president, said: “FERMA is fully supportive of this initiative developed by Airmic and Axco and I am delighted to announce that, once full consultation has taken place with the FERMA board, we plan to offer it to all our member associations.
“We welcome any solution for risk and insurance managers that improves access to and the navigation of compliance-related information.”
