Annual Review 2016

Maintaining open access

Committee Reports

Process Efficiency Group

Chair: Peter Houston
Chubb europe

  • Oversaw company support for launch of new electronic placing platform
  • Monitored development of Central Services Refresh Programme and introduction of standard accounting messages
  • Reviewed new blueprint plan for the London Target Operating Model
  • Reviewed preparations for re-platforming of the Insurers’ Market Repository
  • Participated in structured data capture trial Considered possible company market involvement in production of a glossary of market data and standards Monitored efforts to improve delegated authority systems
  • Liaised with Employers’ Liability Tracing Office to improve processing procedures
  • Obtained IUA representatives to serve on many cross- market modernisation groups
  • Reduced legacy or trapped premium through the work of IUA Technical Accounting User Group

Aviation Technical Committee

Chair: Jette Varnals
Xl Catlin insurance Company

  • Set up email alert service for Aviation insurer certificates updates
  • Via the Aviation Insurance Clauses Group, published new clauses on aviation products, grounding and other liabilities
  • Reviewed aviation clauses in light of Insurance Act Supported member participation at the annual International Union of Aviation Insurers (IUAI) meeting in the US
  • Arranged presentations on recently published model market
  • Responded to the Department for Transport on the future operation of drones

Property and Casualty Technical

Chair: Joanne Hills
RSA insurance Group plc

  • Published market questionnaire for general liability treaty business
  • Updated motor excess of loss questionnaire
  • Reviewed and drafted model clauses in light of Insurance Act and Enterprise Act
  • Established new group to discuss developing technologies
  • Issued updated guidance to Insurance Act Expanded qualification for professional indemnity practitioners
  • Redrafted IUA model medical questionnaire for contingency business
  • Completed research on insuring general liability risks on a Freedom of Services basis
  • Considered new cyber policy clauses across various lines of business
  • Expanded scope of test for professional indemnity practitioners
  • Responded to Organisation for Economic Cooperation and Development (OECD) on provision of cyber insurance Commented on reforms to ‘whiplash’ claims

Marine Technical Committee

Chair: Paul Newton
Axa Corporate Solutions SA

  • Supported implementation of electronic placing for marine business
  • Discussed claims issues arising from Hanjin and New Zealand earthquake losses
  • Supported London Market participation at International Union of Marine Insurance conference in Genova
  • Surveyed UK marine insurance premium and supported IUMI global statistics survey
  • Participated in International Marine Claims Conference Hosted market briefings on cargo claims and marine hull clauses

Legal and Regulatory Committee

Chair: Michael Connor
lancashire insurance Company (uK) limited

  • Successfully argued for reinsurers to be exempt from New York cybersecurity regulation
  • Backed conclusion of covered agreement on reinsurance between EU and US
  • Established working party to coordinate company market input to Brexit debate
  • Launched online service for international sanctions updates
  • Highlighted potential conflicts for general counsel in Senior Managers regime
  • Supported proportionate, risk based supervision in Financial Conduct Authority’s mission paper
  • Commented on proposed UK corporate governance reforms
  • Explained prioritisation of cyber risk by firms in response to Prudential Regulation Authority consultation
  • Answered FCA consultation on conduct rules for non- executive directors
  • Responded to UK Government on implementation of the Anti-Money Laundering Directive
  • Commented on the FCA’s future mission plan
  • Hosted market briefings on US election results and indirect taxation issues