Media Release 25 January 2023

IUA WELCOMES MEDICARE REPORTING REFORM

The International Underwriting Association has welcomed news of streamlined Medicare reporting requirements for companies covering personal injury claims in the United States.

Insurers have a statutory obligation to report settlements made with claimants that benefit from the country’s public health programme. Previously, this would have to be done by all firms participating in a subscription market risk, even though it resulted in multiple reports about the same settlement. The IUA has long campaigned for a more efficient system that would allow the required information to be provided only by lead insurers. Such an arrangement already operates for Lloyd’s insurers.

Now, the Centers for Medicare & Medicaid Services, have confirmed in writing to the IUA that lead-only reporting is an acceptable provision to satisfy mandatory reporting requirements on all subscription policies.

Tom Hughes, IUA Senior Market Services Executive, said: “The introduction of lead-only reporting across the board is a very welcome development for IUA members. There have been many discussions on this issue with the authorities in the US and I am delighted that an agreement has finally been reached. “The new arrangement will reduce compliance costs for insurers whilst still ensuring that Medicare receives all the information necessary to administer personal injury settlements.”

Ends

Contact:
Scott Farley
Director of Communications
International Underwriting Association
Tel: 0207 617 4449
Mobile: 07921 699 218
E-mail: scott.farley@iua.co.uk

Notes to Editors:
About the IUA
The International Underwriting Association of London (IUA) is the representative body for companies in London providing international and wholesale insurance and reinsurance coverage. Its mission statement is to secure an optimal trading environment for London insurance companies. The IUA’s London Company Market Statistics Report shows that overall premium income for the company market in 2021 was £35.654bn. Gross premium written in London totalled £30.114bn while a further £5.540bn was identified as written in other locations but overseen by London operations.