'And just really to complete the picture on a programme, the way the business is written in the ICI situation just to make it nice and simple and say there was a policy in America and a policy in France for arguments sake, then the money for that policy, the premium is collected in the States, collected in France, and is sent back to ... [the UK] ... this becomes horrendously complicated. ... There are also different currencies apart from any other considerations, of sorting out exactly what it was for and they come up at different times of the year and all kinds of really horrible complicated stuff. Mixtures of premiums and claims come through, and are sent back to the controlling office. ...X013 page 006.01 (tape 01.2.03) Gordan Notes/Trans/Tape 30/09/93So for ICI the UK is regarded as the controlling office, because we underwrite the business in the first instance, and then everything is ceded back to the UK. Now, that's not as easy as it sounds because in some countries there are compulsory statutory local retentions, so you don't get all of the money back that you're expecting and from the accounting point the whole thing becomes incredibly complex.'
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© Clare Tagg 2000