20 April 2015Analysis

Axco unveils regulatory platform for reinsurers

Insurance information supplier Axco InsuranceInformation Services has unveiled a regulatory information service aimed at reinsurers.

Insight Re provides the regulatory and legislative information necessary to help reinsurers achieve global compliance and ensure the correct payment of local taxes and charges.

Axco said the service was developed in response to a growing demand for reinsurance specific data. The platform provides information for 50 territories and is primarily designed to respond to the challenges of high growth markets such as the BRIC1 and CIVET2 countries, as well as key Asia-Pacific and South American territories, according to Axco.

Tim Yeates, Axco managing director, said: “As the reinsurance market becomes even more global, so do the regulatory complexities and pit falls facing it.  ‘Insight Re’ is Axco’s response to helping reinsurers maintain compliance. Insight Re monitors mandatory local retentions, cessions and taxes, details restrictions on open market practice and on the selection of individual reinsurers.”