Announcement of our new Basel III compliant policy

After three years of effort and numerous negotiations with insurers, banks, law firms and brokage firms, ITFA has released a Basel III policy form which elevates policy wordings and enhances market efficiency based on an original policy form developed by Willis Towers Watson.

Trade Credit Insurance, which covers the risk of non-payment by borrowers and obligors in typical trade finance products and loans, has been shaped by legal change, the Basel Accords and the need for many banks to achieve regulatory capital relief. This new form is designed to cover receivables policies but should also be viewed as a strong platform for devising compliant policies for other situations and products.

A joint memorandum from the two law firms which drafted the policy, Sullivan & Worcester UK LLP and Clifford Chance, provides guidance to the reader which will help streamline final policy negotiations.

The policy form and memorandum are available for members here.

Copy link
Powered by Social Snap