Our compliance service offering includes:
Market and regulatory intelligence: We help our clients identify and understand local insurance requirements from a regulatory and commercial perspective.
Dispensation requests: Where feasible, we support liaison with local regulators in pursuit of reasonable exemptions from local rules or restrictions that may be unhelpful and/or unnecessary.
Solution design: We work with our clients to balance the need for compliance with the commercial objectives of their businesses, helping them to choose the most appropriate strategies and solutions.
Identification of suitable commercial insurance partners: A key component of an effective solution is the insurance partner chosen to deliver the necessary local coverage. We help our clients understand the available options and make well informed selections.
Coordination with local insurers and intermediaries: The needs, expectations and behaviors of local markets vary greatly. We help our clients understand, anticipate and navigate these differences in order to complete each local arrangement effectively.
Document production: Compliance often extends to the contractual documents that support local insurance arrangements. We help our clients understand what is permissible with respect to policy terms (and all related commitments and undertakings) through which such arrangements are governed.
Translation: Some jurisdictions require documents to be prepared in the local language. Certain markets also operate more effectively in a language other than English. We enable our clients to execute documents and interact with local parties in a variety of languages.
Premium and Claims Processing: The handling of premium and claim funds frequently introduces additional challenges. We help our clients to ensure that funds flow as intended, with the minimum of delay.
Quality Control: Working through local partners demands close attention to the performance of others and the timely identification of any potential issues. We are able to provide extensive checking services to ensure that the documents prepared elsewhere conform to our clients' expectations.
Problem solving and issue resolution: The devil is said to be in the detail, and compliance involves a lot of detail. Problems and issues are to some extent inevitable. Early identification and timely problem solving support are critical to keeping arrangements on track.
Process management, tracking and reporting: The variety and complexity of local regulations, and the steps needed to comply with them, require careful monitoring and administration. Our clients also require clear and timely information on the development and status of their arrangements.
Claims reporting and administration: An essential requirement of any insurance contract is that it provides effective protection from the financial impact of claims. This is also true of the arrangements necessary to achieve compliance. We help our clients anticipate and meet the additional challenges involved in ensuring the effective operation of the local structure.