Three more brokers sign up to Airmic database project - The association is increasingly confident of having its global compliance database up and running next year, addressing a top concern of its members.

JLT, Lockton and AJ Gallagher have agreed to support Airmic in developing a global database of insurance regulations, meaning that all the association’s broker-partners are signed up. Aon, Marsh and Willis are already part of the team, having joined last year.

Airmic is confident that the project should be live by the end of 2014, helping its members to tackle the problem of global insurance compliance; surveys have repeatedly shown this to be one of the top concerns of UK risk managers.

A joint working party is overseeing progress, including two broker-representatives and three from Airmic led by deputy chair Helen Hayden. Axco, the insurance information specialists, are assisting with the development work.

The main focus will be to provide global guidance on admitted and non-admitted insurers by jurisdiction. This varies not only between countries, but also within some territories such as the US. It can also depend on the class of business being written. Failure to comply can result in fines, cancellation of cover, reputational damage and, in exceptional cases, imprisonment. The importance of claims handling requirements is also a key aspect of the information that needs to be compiled.

“The database idea has gained support from all corners of the market, and we are delighted to have Lockton, JLT and AJ Gallagher on board. We can now see a way towards meeting our objectives, and I am confident we will have something of real value to our members ready during 2014,” said Airmic technical director Paul Hopkin.

Simon Thompson, international director at Aon Global, said the broker was delighted to be partnering Airmic in the project. “Since 2009, ’Regulatory/legislative changes’ has consistently been voted number two of top risks facing organisations worldwide by respondents to Aon’s biannual Global Risk Management Survey,” he said.

FERMA and RIMS, the European risk management organisations, are being kept updated with developments.