Global trade group disbands, saying mission accomplished. (Briefing).Members of the International Insurance Council said they have voted to dissolve the trade organization, established to open global markets for U.S. insurers, because its work is done. The Washington, D.C.-based TIC was created to help U.S. insurers negotiate trade agreements and open markets in countries around the world. "The IIC See infranet. has won the major policy battles relative to international insurance markets," said Kevin T. Cronin, president and chief executive officer of the organization. "Twenty years TWENTY YEARS. The lapse of twenty years raises a presumption of certain facts, and after such a time, the party against whom the presumption has been raised, will be required to prove a negative to establish his rights. 2. ago, U.S. insurers and providers had limited to no access to most of the world's markets. Regulatory regimes were highly restrictive and discriminatory against foreign insurers. The landscape has changed radically in that time frame, largely under the leadership of the IIC." Cronin said the organization traces its roots to the First Hemispheric Insurance Conference in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of in 1946, when free-trade talks between nations began to gather steam after World War II. The group was later affiliated with the U.S. Chamber of Commerce The U.S. Chamber of Commerce is the world's largest not-for-profit federation of businesses, representing more than 3 million businesses and organizations in the United States. As of 2003, the chamber was comprised of 3000 state and local chambers and 830 business associations. and split off into an independent organization in 1987. "We have about 30 members now," he said. "They include insurers, trade groups and insurance support companies. Most of our revenue comes from risk-bearing companies--insurers that do business internationally." The group's members saw the establishment of the World Trade Organization and the opening of the insurance markets in China and India as signals that their work was nearing completion, Cronin said. "The global markets are pretty much open," he said. "There are still some bilateral and multilateral mul·ti·lat·er·al adj. 1. Having many sides. 2. Involving more than two nations or parties: multilateral trade agreements. issues to resolve, but our work appears to be done." The IIC's latest efforts came in May, when the organization, along with the American Insurance Association, the American Council of Life Insurers The American Council of Life Insurers (ACLI) is a Washington-based lobbying and trade group for the life insurance industry. ACLI represents 373 insurance companies that account for 93 percent of the U.S. life insurance industry's total assets. , the Coalition of Service Industries, the Council of Insurance Agents and Brokers and the Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Association of America, developed a list of negotiating objectives for the U.S. Trade Representative to bring up during global trade talks held in June. |
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