North American

The IUA's North American Sub-Committee is responsible for monitoring all relevant legislation and regulation emanating from US or Canadian federal and state/provincial sources. It provides information on matters which might affect the members’ ability to trade with US and Canadian clients and acts as an authoritative voice for London Company market. The group reports to the IUA's Legal and Regulatory Committee.

IUA Contact: Nick Lowe

Detailed background papers on some of the topics covered by the North American Sub-Committee are included on the Non-Marine Legislative Issues page.
News
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.
11.3.10: International Sanctions Spreadsheet – Q1 2010 & Other Developments
11 March 2010
Circular 026/10: A spreadsheet outlining the current international sanctions measures in place is updated regularly for IUA member’s information – 1st Quarter 2010 is attached. This circular also includes further details on the U.S. Iranian sanctions, piracy developments, the application of the UK Export Control Order, IUA’s recent seminar on sanctions and the UK Counter-Terrorism legislation.
26.2.10: International Sanctions – Issues for Insurers
26 February 2010
Circular 020/10: The presentation slides from the IUA / Dewey & LeBoeuf market briefing looking at the latest developments relating to trade sanctions that may affect the international re/insurance industry.

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Documents
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.
TRIPRA Flowchart
17 January 2008
A flowchart which illustrates the obligations on insurers to comply with the rules relating to the extension of the Terrorism Risk Insurance Act backstop.
Review by the Treasury Department of the Regulatory Structure Associated with Financial Institutions
21 November 2007
Comments on behalf of the International Underwriting Association of London (IUA)
NAIC Reinsurance Regulatory Reform Proposals
20 September 2007
IUA comments on the NAIC Reinsurance Supervision Review Department Proposal and the Port of Entry State Criteria Proposal to reform US credit for reinsurance rules.
NAC Terms of Reference
15 February 2007
Terms of Reference for the North American Committee.