Although efforts are underway to harmonize certain areas of insurance regulation, such as solvency margins and the regulation of control and management, until there is overall harmonization of international insurance laws, sellers, producers and buyers of multinational programs face certain challenges. So says Suresh Krishnan, general counsel, Multinational Client Group at the ACE Group of insurance and reinsurance companies, in a new report. The challenges, says Krishnan, involve making sure companies are not inadvertently assuming risks under local insurance and tax laws in the various jurisdictions implicated by their programs.
The report, “Beyond Non-Admitted: A Closer Look at Trends Affecting Today’s Multinational Insurance Programs,” outlines the challenges, implications, and risk management considerations that should be taken into account when designing and implementing a compliant multinational insurance program. Krishnan examines the motivations behind purchasing and selling multinational programs, and identifies many of the trends, issues, and inconsistencies in today’s international insurance regulatory environment that affect many of the assumptions behind multinational programs.
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