London-based Airmic Ltd., the U.K. risk management association, and information company Axco Insurance Information Services Ltd. on Tuesday launched a database of regulatory requirements to help risk managers ensure their global insurance programs are compliant.
The launch version of the database covers regulations from 30 countries representing 93% of the world's property and casualty insurance premium volume, Airmic said.
The remaining countries will be added over time, it said.
The database, known as Insight Risk Manager, is available to Airmic members as a benefit of membership and provides insurance buyers with “crucial intelligence on local compliance and regulatory insurance requirements, policy conditions and premium payment terms,” Airmic said in a statement.
Helen Pope, deputy chair of Airmic and head of insurable risk at London-based supermarket chain Tesco P.L.C., described the database as a “potential game-changer.”
“Compliance for global insurance programs will probably never be easy, but the new database will provide risk managers with access to a single, authoritative source they can consult whenever they want,” said Ms. Pope, who is chair-elect of Airmic, in the statement.
The association said the main focus of the database will be to provide guidance on admitted and nonadmitted insurance by jurisdiction.
The database was developed as part of a cross-border project that it chaired which involved brokers, insurers and insurance trade associations, Airmic said.
The Brussels-based Federation of European Risk Management Associations and the New York-based Risk & Insurance Management Society Inc. have been kept fully abreast of developments, Airmic said.
Airmic said that while some individual insurers and brokerages have their own databases, it believed that “the size of the task is best handled on a marketwide basis.”
Airmic said that Axco was chosen to build the database after an extensive selection process and that six leading brokers also were actively involved in supporting the project.