ACORD and WISe, key standards bodies within the global insurance industry, announced they are merging their standards-development activities, clearing the way for a globally-owned, non-profit industry association to create and manage data standards from consumer to retrocessionnaire.
The agreement was approved by the boards of both organizations and will take effect on July 1.
ACORD Chairman John Leonard said stated that bringing ACORD and WISe together will create a strong platform to provide standards for a broad range of insurance business and for various classes of business, including personal lines, commercial lines, surety, life and reinsurance.
A new Reinsurance/Large Commercial Lines Steering Committee within ACORD’s established standards program will be created to support new participants from the Joint Venture (JV) community. The JV, established in 1992 and currently managed by WISe, is comprised of the Reinsurance Association of America (RAA), Brokers and Reinsurance Markets Association (BRMA), IVANS and WISe.
ACORD stated that in order to provide the continuity of support for an expanded, global membership, it will be opening new offices in London and Brussels and hiring WISe employees who were responsible for supporting the Joint Venture standards.
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