AIRMIC works towards regulatory compliance database for global insurance programs

Leading players in the London insurance market are coming together to produce the first jointly-owned compliance database for global insurance programs, the UK’s Association of Insurance and Risk Managers (AIRMIC) reported.
The database will provide details of regulations on a territory-by-territory basis.
The main focus of the database will be to provide global guidance on admitted and non-admitted insurers by jurisdiction. This varies not only between countries, but also within territories, as in the case of the United States.
It can also depend on the class of business being written. Failure to comply can result in fines, cancellation of cover, reputational damage and, in extreme cases, imprisonment.
“The wide level of market interest in this project shows what an important issue it is – one that unites underwriters, brokers and buyers,” said Helen Hayden, an AIRMIC board member. “The work will underpin the integrity of insurance programs and ultimately their ability to deliver for clients.”
AIRMIC will administer the project and has already issued a request for proposal for a database of international insurance requirements (DIIR) to potential service providers.
The International Underwriting Association, London and International Insurance Brokers’ Association and the European Risk Management Federation are all supporting the project.
The Risk and Insurance Management Society (RIMS) and the World Federation of Insurance Intermediaries are being kept abreast of developments, AIRMIC added.