Clean Hands Representation Underwriting Agreement

[2] To be effective, a compliance program should include the appointment of a compliance officer, a written anti-corruption directive, compliance and anti-corruption training provisions in contractual agreements with third parties and customers/suppliers. Subcontracts are responsible for spreading the risk between the parties and concentrating the duty of care of insurers. The key is to find a balance between the diligence that can be done by the insurer and the representatives that can be requested from the issuer. In this context, insurers require issuers who represent them in the insurance agreement to comply with the FCPA and other applicable anti-corruption laws. On the other hand, issuers will want to limit the scope of the knowledge they have requested and the investigation. Their concern also arises when the Asian issuer is not subject to the jurisdiction of the FCPA.

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