London market to create regulation database

London market players are collaborating to create a jointly-owned compliance database for global insurance programmes.

The proposed database will provide details of insurance regulations on a territory-by-territory basis.

UK risk managers’ association Airmic, which is administering the project, has taken the first step in the database’s creation by issuing a request for proposal for a database of international insurance requirements to potential service providers.

Potential providers have until the end of January to express an interest. Insurers, brokers, specialist data companies and international legal firms are among those to have shown an interest informally, Airmic said.

“The wide level of market interest in this project shows what an important issue it is – one that unites underwriters, brokers and buyers,” Airmic board member Helen Hayden said in a statement. “The work will underpin the integrity of insurance programmes and ultimately their ability to deliver for clients.”

Airmic says the database plans have the support of the International Underwriting Association, London and International Insurance Brokers’ Association and European risk managers’ association FERMA.

Other organisations are being kept abreast of developments, including the North American risk management association RIMS and the World Federation of Insurance Intermediaries.