Compliance

The IUA’s Compliance Sub-Committee assists member companies with the detailed application of regulations governing the London Market. It was established in 2004 and produces guidance notes on a range of compliance issues. The group reports to the IUA's Legal and Regulatory Committee.

IUA Contacts:

Anthony Dickinson

Chris Jones

Detailed background papers on some of the topics covered by the Compliance Sub-Committee are included on the Legal and Regulatory Briefings page.

For agendas of the Compliance Sub-Committee click here.

For minutes of the Compliance Sub-Committee click here.
News
new 31.8.10: New CII Award in London Market Insurance (ALMI)
31 August 2010
Circular 085/10: A new CII qualification designed specifically for those working in or with the London market.
11.8.10: IAIS draft Insurance Core Principle 13, reinsurance and other forms of risk transfer
11 August 2010
Circular 078/10: The International Association of Insurance Supervisors is seeking comments on draft new Insurance Core Principle 13, Reinsurance and other forms of risk transfer. Attached are a copy of the draft text and a note of IUA comments. Comments are requested by close of business on Friday, 20th August.
10.8.10: Draft IUA response to the IAIS consultation on a Standard on group-wide regulatory requirements incorporating Guidance on the group-wide supervision framework
10 August 2010
Circular 077/10: The International Association of Insurance Supervisors is consulting on a draft Standard on group-wide regulatory requirements and Guidance on a group-wide supervision framework. Attached are a copy of the consultation paper and the draft IUA response. Comments on the latter are requested by close of business on Wednesday, 18th August.
6.8.10: The Dodd-Frank Wall Street Reform and Consumer Protection Act with reference to its implications for surplus lines business: clarification
6 August 2010
Circular 076/10: The IUA wishes to correct any false impression which may have been created by its recent briefing note on the insurance implications of the Dodd-Frank Act in respect of the surplus lines provisions of the Non-admitted and Reinsurance Reform Act (NRRA), as enshrined in Dodd-Frank. They will only enter into force from 21st July 2011 and are NOT already in force.
4.8.10: Draft IUA response to CEIOPS CP 81 on third-country equivalence assessments under the Solvency II regime
4 August 2010
Circular 074/10: CEIOPS published a consultation paper on the assessment of the equivalence of non-EEA jurisdictions (CP 81) on 14th July. The proposed first “wave†of countries comprises Bermuda and Switzerland for all three types of equivalence and Japan for reinsurance only. The deadline for responses to the consultation is 13th August. Attached is a draft IUA response on which comments are requested by noon on Thursday, 12th August.
30.7.10: The Insurance Aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act
30 July 2010
Circular 073/10: Following the enactment of the Dodd/Frank Act, which introduces significant regulatory reforms to insurance and reinsurance business in the US, a summary of the Act’s provisions and benefits for IUA members is shown below.

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Documents
16.8.10: International Sanctions Update
16 August 2010
Circular 081/10: IUA have published an extensive Frequently Asked Questions (FAQs) document in respect of US, EU and UK sanctions regimes. IUA have also published a short summary of the implications of the Comprehensive Iran Sanctions Accountability and Divestment Act 2010 (CISADA) recently introduced in the US. Additionally, this circular contains a summary of the recent EU sanctions activity targeted at Iran, advises on market model clause activity and notes the CISADA implementation guidance published today by OFAC.
26.10.09: IUA European & International Bulletin
26 October 2009
Circular 105/09: Please find attached the latest issue of the IUA European & International Bulletin. It summarises many of the key issues and projects of relevance to the way in which IUA members conduct their business.
2.10.09: International Sanctions Spreadsheet – 3rd Quarter 2009 & UK Export Control Order 2008
2 October 2009
Circular 091/09: A spreadsheet outlining the current international sanctions measures in place is updated regularly for IUA member’s information – 3rd Quarter 2009 is attached. Also outlined are details of the Export Control Order 2008 that has specific requirements for insurers writing business in the UK.
28.9.09: Terms of Business Agreements (TOBAs)
28 September 2009
Circular 089/09: Following discussions with IUA members, the IUA Compliance Committee has revised the IUA Risk Transfer and Non-Risk Transfer TOBAs, which are attached and available for members use as appropriate.
IUA response to Walker Review
28 September 2009
Review of Corporate Governance in UK Banks and other Financial Industry Entities The Walker Review – Comments from the International Underwriting Association
13.7.09: International Sanctions Spreadsheet – 2nd Quarter 2009 Update
13 July 2009
Circular 074/09: A spreadsheet outlining the current international sanctions measures in place is updated regularly for IUA member’s information – 2nd Quarter 2009 is attached.

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