Tuesday, September 26, 2017

Philippines urged to follow UK reinsurance probe

One of the top non-life firms in the Philippines has urged the Philippine Insurance Commission to take a closer look at the way foreign reinsurance brokers are doing business in the country.

Lawyer Jose Bernas, who represented one of UK’s non-life insurance companies, made the call after it was reported that the UK-based financial regulatory body Financial Conduct Authority is probing five global reinsurance brokers for alleged sharing of sensitive information.

These are Aon, Jardine Lloyd Thompson, Willis Towers Watson, UIB and Marsh.

Bernas claimed Marsh disclosed highly confidential and proprietary aviation insurance information to the chief executive of a local airline, which indicated a malicious breach of trust.

Brokers will effectively be underwriting risk and doing insurance business without a licence by divulging restricted information and poaching insurance clients, Bernas added.

 

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