The FSA's demand for contract certainty across the London market has led Xchanging and RI3K to introduce a system to allow early checking of contracts online.
XPressCheck will allow subscriber reinsurers to have their reinsurance policy wordings checked online by Xchanging prior to signature.
RI3K chief executive Alex Letts said: "This service will be a crucial element in the effort to meet FSA challenges to contract certainty.
"We already capture and deliver reinsurance contracts to our customers. But with slip wordings checked by Xchanging being delivered to subscribers prior to inception, this can only enhance contract certainty."
Letts added that the contract can also be "kitemarked" by Xchanging online.
Executive director of Xchanging Roger Townsend said: "This joint initiative will give impetus to contract certainty, which is designed to reduce the operational and legal risks to brokers and reinsurers while improving service through speedier processes.
"Contract certainty is a global issue, providing the market with confidence in proposed policy wordings at the earliest stage," he added.
XPressCheck will be available to use on any contracts from December 2005.
