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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 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 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 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 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 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 Coalition of Service Industries, the Council of Insurance Agents and Brokers and the Reinsurance 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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Title Annotation:International Insurance Council
Comment:Global trade group disbands, saying mission accomplished. (Briefing).(International Insurance Council)
Publication:Best's Review
Article Type:Brief Article
Geographic Code:1USA
Date:Aug 1, 2002
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