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LONDON—The Assn. of Insurance & Risk Managers has invited potential providers to indicate their interest in building a jointly owned compliance database for global insurance programs.
Interested parties have until the end of January to express interest in creating and maintaining a database that would provide global guidance on admitted and nonadmitted insurers by jurisdiction, Airmic said Monday in a statement.
The project has already been endorsed by the Brussels-based Federation of Risk Management Assns.; the London-based International Underwriting Assn., which represents underwriters in the London company insurance market; and the London and International Insurance Brokers' Assn., which represents insurance and reinsurance brokers operating in the London and international markets.
The New York-based Risk & Insurance Management Society Inc., the World Federation of Insurance Intermediaries and other associations are being kept abreast of developments, according to Airmic.
Airmic said it already had received informal interest in building the database from brokers, insurers, data companies and legal firms.
“The wide level of market interest in this project shows what an important issue it is—one that unites underwriters, brokers and buyers,” Helen Hayden, group insurance risk manager at London-based Prudential P.L.C. and the Airmic board member leading the association's efforts to find a solution to the problem of compliance for global insurance programs, said in the statement.
“The work will underpin the integrity of insurance programs and ultimately their ability to deliver for clients,” Ms. Hayden said.
STOCKHOLM—Members of the insurance industry must work together to solve the problems of compliance associated with global insurance programs, delegates at the Federation of European Risk Management Assns.' recent forum were told.