Supporting a Lloyd’s Syndicate With New Product Development and EU Distribution Requirements
The Client’s Needs
A Lloyd’s Syndicate was developing a new product for distribution in certain member states of the EU and required assistance with:
- Review and development of the wording,
- Advice on compliance with local regulatory requirements for policy format and distribution, and
- IPID development.
ICSR was engaged to assist.
ICSR underook the following tasks for the client:
- Completed a full wording review and developed a new wording for the client,
- With the core wording approved by the underwriting team and distributors in the EU, ICSR obtained advice in local jurisdictions on the local regulatory obligations for the format of the wordings and additional documents required to distribute the product in each relevant jurisdiction,
- Prepared and had reviewed in each relevant jurisdiction the IPID wording.
A director of ICSR undertook the review, prepared the documentation and worked with the local advisors. ICSR used its network of local advisors in the EU to ensure that the client received quality advice at the right price.
The Client was able to commence the underwriting and distribution of its new product on time.