2011-06-10

By Deborah Ritchie

Insurers need to monitor a number of 'risk hotspots' to ensure they do not fall foul of the new Bribery Act, the IUA has warned.

The broad nature of the legislation raises potential problems for both carriers and brokers in areas including the placement of business, payment of claims and the use of delegated authorities. As a result the IUA's Compliance Committee has drafted a guidance paper to help member companies put in place effective anti-bribery policies.

"The introduction of the Bribery Act represents a significant statutory shift in the UK," commented the IUA's head of market services Chris Jones. "It creates new offences and penalties that make the country one of the toughest jurisdictions for bribery legislation in the world."

We will publish a full report on Bribery Act preparedness in the next issue of CIR.

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