REG (UK) Ltd – whose online due diligence and regulatory compliance service is being used by over 3,000 insurers and intermediaries in the UK – has gone global.
Expanding the coverage of its offering, REG announced that its counterparty risk management technology will now include 99 insurance markets worldwide. That means major international insurance markets such as the US, Japan, China, and Europe will be part of the network for checks and monitoring.
“This is a significant step towards our stated aim of easing the burden of legal and regulatory processes for the insurance industry,” said REG managing director Paul Tasker. “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.”
Alerts provided by the service include worldwide sanction and politically exposed person checks, other international regulatory and license checks, as well as Financial Conduct Authority regulation updates. The aim is to enhance international due diligence for UK insurers.
Related stories:
PIB Group taps REG for agency administration
Lloyd's picks REG to support coverholder management activities
