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.

The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.