Airmic, the UK-based risk management association, announced at its recent annual conference that it is working with two other industry bodies to establish a central database for global multinational compliance information.
The most recent survey of Airmic members listed global compliance as the second major risk facing the industry, behind reputational risk . The planned database, on which Airmic is working conjunction with the Federation of European Risk Management Associations, the London & International Insurance Brokers' Association, and some insurers, aims to address growing concern about compliance issues related to global insurance placements amid increasing political and regulatory uncertainty.
John Hurrell, chief executive at Airmic, said: "Global compliance has caused insomnia in the last two to three years." The new database will address concerns about how to make global programmes compliant with local insurance law and tax rules, some of which are unclear, and which can
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