REG UK launches international counterparty monitoring
14 May 2018 – REG (UK) Ltd (REG) the on-demand RegTech solution for counter-party risk management, has expanded its range of services for the general insurance market to now include 99 insurance markets worldwide. REG’s due diligence monitoring and alert service currently provides legal and regulatory oversight information for 75% (or just over 3100) of all active UK general insurance intermediaries. The service will now expand the coverage to all major international insurance markets, including the US, Japan, China and Europe.
As well as the greater geographical spread, REG claim that 99.9% of international counterparty company and credit checks will be available instantly. Their network will also issue regular alerts which include daily worldwide sanction and politically exposed person (PEP) checks, weekly UK FCA regulation updates, along with a number of other international regulatory and license checks designed to improve international due diligence for UK insurers.
REG Managing Director, Paul Tasker said:
“This is a significant step towards our stated aim of easing the burden of legal and regulatory processes for the insurance industry. We now provide a global solution which is fast, accurate and helps businesses reduce international risk exposure.
The benefits of being able to onboard new international counterparties quickly and monitor their legal, regulatory and financial standing are obvious.”
Last month, the RegTech provider updated its digital TOBA exchange service to include the new Lloyd’s Market Association GDPR TOBA templates. Insurers receiving new TOBAs via REG can create an account, accept and return documents and share other requested information at no additional cost.
For more information, contact:
Mark Huxley, firstname.lastname@example.org
Matt Beasley, email@example.com
Full Circle Communications
Tel: + 44 (0)207 267 7887
Note to Editors:
REG provides technology driven intelligence, due diligence and risk management solutions.
Through the REG Network, an on-demand service, REG has transformed counterparty compliance due diligence processes and accelerated agency documentation exchanges in the insurance market. REG provide a range of services for Insurers, Lloyd’s Managing Agents, MGA’s Wholesalers and Brokers all of whom are required to have oversight of their relationships with each other as well as their policyholders.
Over 89% of Top 100 Brokers that wholesale, as listed in Insurance Age, are registered on REG’s platform, and 20% are clients using REG to monitor their producing brokers. In addition, over 30% of Lloyd’s Managing Agents are registered members, as well as over 60% of Lloyd’s Brokers and Coverholders.
REG is actively developing solutions to address Delegated Authority risk and regulatory requirements and will expand its offering in 2018 to provide global monitoring capabilities in over 80 countries.
REG recently received a £8m capital injection from Edi Truell’s Disruptive Capital Investments fund.
For more information visit www.reg.uk.com.