IRLA is the UK market body for insurance and reinsurance legacy management professionals. IRLA is recognised as the voice of the legacy management sector by a wide range of government and market bodies including the UK Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA), the Financial Services Compensation Scheme (FSCS); the Department of Work and Pensions (DWP) as well as the Employers Liability Tracing Office (ELTO). IRLA is also affiliated with several other market associations all the while working with these others to increase benefits to members.
The following companies are members of the Legacy Committee – Allianz, Armour Risk, BAI Claims, Catalina, Compre, Enstar (EU), MMi, Pro Global, R&Q, RSML, Swiss Re and Zurich.
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.
Along with the IRLA board members the LCC members (12 corporate representatives) will collaborate and inform the association members of relevant activities and newsworthy items.
If you would like more information please contact Ian Harvey at Ian.Harvey@pro-global.com call +44 7837 204011 . You can also call the UK office on +44 203 026 3336 and ask for Leslie-Ann Giovnilli.