2024 Rules amendment explanation
Download the 2024 Rules amendment explanation
Download the 2024 ITIC Europe Rules amendment explanation
2024 Rules amendment explanation
Download the 2024 Rules amendment explanation
Download the 2024 ITIC Europe Rules amendment explanation
2022 Rules
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2022 Rules amendment explanation
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As a result of the Russia-Ukraine conflict the ITIC board of directors have reviewed the provisions within the ITIC rules regarding both sanctions and the ability to terminate a member’s entry with ITIC.
ITIC’s current Rule 13.32 provides that there would be no cover if ITIC is at risk of breaching the sanctions described in that rule, which are limited to the EU, UK and USA. A number of other countries have their own sanctions regimes. Accordingly, it was felt that the sanctions clause needed to be widened. There is a further widening of Rule 13.32 to allow ITIC to suspend or terminate cover if ITIC is exposed to or at risk of being exposed to sanctions, prohibitions or adverse actions. In addition it was felt that new provisions should be included within the ITIC Rules which would allow ITIC to suspend or terminate cover in the event that a situation arises which the Directors believe could cause reputational damage to ITIC. Finally, a new automatic cesser of insurance has been added if a member becomes subject to sanctions, prohibitions or restrictions of the UK, USA, EU or UN. Details have been provided in the above ITIC Rules amendment explanation document.
