International Credit Insurance & Surety Association

Infobox Company
name = International Credit Insurance & Surety Association (ICISA)

type = Association
genre =
foundation = 2001 renamed to (ICISA)
founder =
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location =
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area_served = Worldwide
key_people = * John Rumpler (President)
* Robert Nijhout(Executive Director, Treasurer)
* Clemens von Weichs (Vice-President and Chairman of the Committee of Management Issues)
industry = Credit Insurance and Surety
products =
services =
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slogan =
homepage = http://www.icisa.org
footnotes =
intl =

The International Credit Insurance & Surety Association (ICISA) was founded in April 1928, forming the first credit insurance association.cite web
url = http://www.icisa.org/templates/mercury.asp?page_id=1523
title = ICISA - History
accessdate = 2007-11-21
author = ICISA
authorlink = ICISA
date =
format = HTML] . The Association is registered in Zurich (Switzerland) under Swiss Civil Code (article 60)cite web
url = http://www.icisa.org/files_content/Statutes%20valid%20from%20October%202005.pdf
title = STATUTES OF THE INTERNATIONAL CREDIT INSURANCE SURETY ASSOCIATION
accessdate = 2007-11-21
author = ICISA
authorlink = ICISA
date = 28th October 2005
format = PDF] . The Secretariat is based in Amsterdam.

About ICISA

The International Credit Insurance & Surety Association (ICISA) is the leading global association representing trade credit insurers and surety companies. ICISA members form a central role in facilitating trade, by insuring payment risks resulting from local sales as well as exports, or by providing security for the performance of a contract. Members of ICISA meet regularly and benefit from an open exchange of information and expertise. ICISA promotes sustained technical excellence, industry innovation and product integrity, and addresses business problems generated by legislation. ICISA advises international and multinational authorities on vital issues related to the trade credit insurance and surety bond industries.

Object of the association

The object of the Association is to study questions relating to Credit Insurance and Surety, to provide opportunities for Members' employees to acquire knowledge of the theory and practice of credit insurance and surety underwriting and to initiate means whereby the common action of the Members can be facilitated in order to develop their mutual relations in the interest of their national and the international economy, in the interest of their insured and in their own interest."

Some of the issues addressed by ICISA during 2007

sustained technical excellence, innovation and product integrity.
* Publication of the Catalogue Credit Insurance Terminology
* Review of the effects of cross-border insolvencies
* Recommendations with regard to binding orders and non-cancellable limits
* Report on issues concerning fronting for surety bonds
* Recommendations with regard to so-called pre-shipment cover
* Review of political risk
* Syndication of credit risks
* The impact of globalisation on credit insurance
* Review of co-surety as an alternative to reinsurance
* Monitoring developments in custom and excise bonds
* Exploring new potential areas for surety business

Promoting sustained quality management
* Round table discussions between members exchanging experience and best practices on current problems and challenges
* Review of capital and portfolio management tools
* Review of cycle management options
* Review of the current and future reinsurance environment
* Review of co-insurance and facultative reinsurance options

Advising international and multinational authorities
* Creating awareness at the European Commission of the lack of a level playing field for surety products
* Promoting a global level playing field for surety insurers in public contracts
* Counterpart for the Comité Européen des Assurances (CEA) in the drafting and implementation of Solvency II requirements
* Promoting the ICC'S uniform ruels for contract guarantees
* Advising the International Accounting Standards Board (IASB) on their proposals with regard to the credit insurance and surety sectors
* Advising rating agencies on the role of surety bonds on PPI/PPP infra-structure projects

Structural initiatives
* A new standard (XBRL) for the electronic transfer of financial data. Developed jointly with other leading financial services providers, this has now become the international standard, adopted by Microsoft and many others
* Founding member of the International Surety Association (ISA) which undertakes joint projects together with national surety associations of Australia, Canada, Mexico and the USA
* Partner in an industry project to determine the probable maximum loss (PML) of underwritten risks
* Project to facilitate the acceptance of electronic bonds
* Research into standardising reinsurance requirements
* Publication of an industry Newsletter

Members & their main lines of business

Credit insurance
* Credit insurance issuers against the risk of non-payment by a buyer. It usually covers 75% to 95% of the outstanding amount.Surety & Bonds
* Surety bonds secure the fulfilment of a contract or an obligation up to the limit of the bond.Members'main lines of surety business are:
* Customs, tax and/or similar bonds
* Bonds concerning concessions and licenses
* Judicial Bonds
* Bonds concerning purchases of goods and/or services
* Bonds concerning leases
* Bonds concerning construction and/or supply contracts
* Financial bonds
* Other bonds Reinsurance
* A reinsurance company insures the risk that has been underwritten by an insurance company. The risk of a major loss event imposes a burden that no single company can bear. Reinsurance makes it possible for these risks to be underwritten. In a way, one could say, "reinsurance is insurance for insurance companies". Over the years the international reinsurance sector has developed into a highly specialised financial services industry that works closely in conjunction with direct insurers to meet the needs of their cursomers. ICISA'S Reinsurance Members have specialised departments focusing soleley on the reinsurance of credit insurance and surety risks.

History

ICISA was established as (ICIA) (International Credit Insurance Association) in 1928. As the first association for the industry, it has evolved and grown and its 40 member companies now account for over 95% of the global credit insurance business, insuring risks in practically every country in the world .

In 2008 ICISA celebrates its 80^th anniversary

Founding Members

* Cobac of Belgium (now Euler Hermes)
* Crédito y Caución of Spain
* Eidgenössische of Switzerland (now Winterthur)
* Hermes of Germany (now Euler Hermes)
* NCM of the Netherlands (now Atradius)
* SFAC of France (now Euler Hermes)
* SIAC of Italy (now Euler Hermes)
* Trade Indemnity of the UK (now Euler Hermes).

Relevance

* ICISA's members account for 95% of global credit insurance business.
* In 2005 ICISA members insured over 1.5 trillion USD worth of trade worldwide.
* In 2008 the association counted 40 memberscite web
url = http://www.creditinsurancenews.com/Content_1007/ICISA.html
title = Credit Insurance News
accessdate = 2007-11-21
author = Credit Insurance News
authorlink =
date = 1st October 2007
format = HTML] .

References

External links

* [http://www.icisa.org ICISA website]