U.S. underwriters can save money and avoid some litigation problems by committing to the concept of contract certainty, as insurers in the United Kingdom have done, an industry professional advised.
The U.K. insurance industry made a commitment to contract certainty as part of the country's compliance with the Financial Services Authority's principles-based regulatory scheme, David Casement, vice president and general counsel of Chubb Insurance Company of Europe, told attendees at the Inland Marine Underwriters Association's 75th Annual Conference.
In essence, he said, insurers are responsible for policing their own conduct in line with 11 principles spelled out by the FSA, with a failure to self-regulate prompting disciplinary action by the regulator. Contract certainty, Mr. Casement added, is one way in which the insurance industry is encouraged to police itself.
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