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Marie-Louise Rossi writes:
Over my 25 year career in the insurance industry I have specialised in risk management, financial service regulation and export credits & political risks.
For 11½ years until early 2005 I was Chief Executive of the International Underwriting Association [IUA] (and its predecessor, the London International Insurance & Reinsurance Market Association [LIRMA]). The IUA then represented around 70 international insurance and reinsurance companies operating in the London Insurance Market internationally. My work included overseeing the merger of LIRMA with the Institute of London Underwriters and involved representing this £11bn plus pa premium income international insurance and reinsurance market to governments/regulators (principally EU and US) and international institutions worldwide.
This also included sponsorship of research into developments such as insurance and reinsurance derivatives, international accounting standards, model international insurance regulatory standards, bodily injury & rehabilitation and cyber-liability.
On account of my earlier career specialisation in political risks and my role at the IUA, after 9/11 I have been extensively engaged in discussions with governments on terrorism risks.
My earlier experience with regulators includes commenting on draft model laws & legislation/regulations, negotiation on behalf of multinational companies seeking approval to underwrite general insurance business in Europe. In addition I have provided training and regulatory advice regarding general insurance to banks, including central banks and finance ministries.
My Expert Witness work includes assistance with the EC’s third non-Life Insurance Directive in its draft stages and advising the Hungarian Ministry of Finance on the operation of the State Insurance Supervisory Agency.
In summary; the experience that I have gained now enables Richard Sheehan Associates to offer services in the following additional areas:
How does this apply to you?
These skills are particularly pertinent today as businesses develop and new businesses are established. Regulation underpins an orderly business regime and whilst it is primarily designed to protect the consumer, it also protects the reputation of the market for fair trading among participants. Those financial centres which foster these ideals will prosper in the long run. The ability of businesses to meet the standards required should ensure their viability and prosperity also.
As with such developments, there are changes in working practices. There are also changes due to the advance of technology, as well as the many risks facing any business. Their identification and management becomes more vital, as the regulatory regime has come to recognise.
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