As live operations release more of their non-core business to the legacy professional market IRLALCL took over the legacy committee and its work from the Association of British Insurers (ABI).
The Committee will oversee work and provide strategic direction in relation to:
(a) the management of the industry’s response to emerging issues in respect of latent disease and legacy claims;
(b) the management of litigation where the Committee agrees there is a market imperative to act;
(c) adopting and by agreement refining frameworks for the management of time exposed claims, shaping and responding to the legislative and judicial landscape for such claims;
(d) coordinating and influencing the range of stakeholder groups, including:
(i) the Government, regulators, and public officials across the UK;
(ii) the live and run-off market;
(iii) claimant and defendant legal representatives;
(iv) ELTO; and
(e) promotion of the Committee’s work to the wider insurance community, regulatory and legislative bodies, policy holders and claimants and their representatives; and
(f) any working groups the Committee decides to establish to fulfil the purposes set out above.
The following companies are members of the Legacy Committee – Allianz, BAI Claims, Catalina, Compre, Enstar (EU), MMI, Pro Global, R&Q, RSML, Swiss Re and Zurich.
Along with the LCL board members (4) the LCL members (11 corporate representatives) will collaborate and inform the IRLA Association members of relevant activities and newsworthy items.
If you would like more information please contact the UK office on +44 203 026 3336 and ask for Charles Wood.