NU Online News Service, July 10, 5:25 p.m. — Washington
The International Insurance Council, Washington, an association that focuses on eliminating barriers to international trade in insurance, is closing its doors.
The board decided to terminate the IIC largely because the IIC has already accomplished its mission, according to Gordon Stewart, president of the Insurance Information Institute, New York, and IIC secretary.
Now that global insurance markets are opening under initiatives such as the General Agreement of Tariffs and Trade, and China has entered the World Trade Organization, the IIC board has concluded that there are no more good battles left to fight, Stewart says.
“The battle was won,” Stewart says.
Today, Stewart adds, the challenges facing U.S. insurance companies interested in global business tend to stem more from market conditions than from government barriers.