David Cafferty outlines some of the compliance outsourcing services supplied to GroupMed Reinsurance Brokers.
Kane LPI Solutions (MENA) Limited (Kane) was appointed by GroupMed Reinsurance Brokers Limited (GMRB) to provide a full application and compliance outsourcing service for its Dubai International Financial Centre (DIFC) operations.
GMRB is a DIFC-registered Dubai Financial Services Authority (DFSA) regulated Category 4 reinsurance broker, licensed to provide insurance intermediation and insurance management services from the DIFC. Their shareholders chose to set up the DIFC entity along with a broader expansion of the business network into Saudi Arabia, South Africa and Turkey.
Setting up a new business in a very different regulatory environment can be a challenging proposition. It requires expert management and a close working relationship between all parties to ensure a trouble-free process so as to obtain the required commercial and regulatory licenses in a timely manner. That’s why GMRB chose Kane to partner with in their new venture.
Commenting on the relationship, Omar Bilani, a Director and the Senior Executive Officer of GMRB, said: “We chose Kane to be our business partner because of their specialist knowledge both of the insurance industry and of operating in the DIFC.”
“GMRB wanted their applications for incorporation and regulatory status to proceed with the minimum of delay,” David Cafferty, Head of Compliance Advisory Services, explains, “We needed to work with the GMRB team to ensure that the application pack was complete, that DFSA application forms were correct, and that all of the required supporting documentation reflected GMRB’s proposed regulated activities. This was achieved successfully and GMRB was awarded its DFSA License in April 2013.”
The next step was to establish a business-friendly, compliance function for the firm which, according to David, is “not always the easiest thing to do”. However, with the maximum possible support from the Board and senior management, and full buy- in from the rest of the DIFC staff, full compliance was achieved in the optimum timeframe.
The success of this team approach was measured when GMRB received its first DFSA risk review visit in April 2014. The firm successfully passed this important test with the regulators complimenting the organization on what it had achieved and its compliance programme.
“This”, commented Omar Bilani, “was a direct result of GMRB and Kane staff working together towards the same goal. We clearly made the right choice in choosing Kane as our business partner, and we look forward to a long and successful business relationship.”