Specialist insurance and risk implications for prepaid an update. Prepaid International Forum Osborne Clarke London Thursday 9 th February 2012

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1 Specialist insurance and risk implications for prepaid an update Prepaid International Forum Osborne Clarke London Thursday 9 th February 2012

2 Introduction To update our presentation of 24 th February 2011 Formed a powerful strategic trading alliance; Bluefin Retail broker partner Safeonline Wholesale broker partner Unicorn Specialist crime/card risks underwriting agency

3 Bluefin About us 50 offices nationwide employing over 1,600 people Backed by Axa Group, S&P rating of AA- and a fortune 100 company Independent Broker regulated by the FSA Over 600,000,000 of client premiums placed annually Financial institutions/e-money specialism Bluefin Financial Risks

4 Safeonline Wholesale broker partner Independent Lloyd's wholesale insurance broker based in London with international capabilities Provides Bluefin with access to specialist digital/cyber liability insurers Provides Bluefin with intellectual property rights solutions via Samian Underwriting At the forefront of the technology E&O market Access to major markets and Lloyd s for all classes of financial and professional risks for clients of all sizes.

5 Unicorn Underwriting Specialist underwriting agency Independent insurance managing agency Route to market for bespoke insurance products Specialization in financial institution requirements Providers of crime, fraud and data theft policies Underwriter, Lee Savage, hugely experienced in card risks

6 Bluefin Financial Risks Prepaid sector Bluefin financial risks now has many relationships with those within the payment sector Few insure key risk exposures nor meet contractual obligations Essential need for inter-relationship between contractual liabilities, fraud and network security coupled with a more complete Insurance programme, including IPR solutions, specialist PI coverage and business interruption including disaster recovery/business continuity planning Resulting in a number of bespoke solutions Bluefin financial risks continue to fine tune existing solutions and develop new products with its partners

7 Unicorn Underwriting Financial Crime Underwriter FSA regulated Lloyd s coverholder Business model relies on exceptional coverage Conduit for syndicated insurance capacity with uniform terms

8 Unicorn Underwriting Our Crime Coverage Your financial loss resulting from i. Unauthorized Transactions outside of operational procedures outside card scheme rules using a payment token ii. iii. Unauthorized access to your computer system internal fraud external fraud involving a computer (actual or suspected) Unauthorized access to data card scheme fines/penalties QSA audit costs notification costs loss mitigating cardholder education and credit monitoring

9 Unicorn Underwriting 2EMD 2EMD replaces an earlier e-money directive (1EMD) and seeks to remove barriers to market entry and facilitate the taking up of the business of issuing e-money. It introduces a few new conduct requirements for all electronic money issuers, and new authorisation/registration and prudential standards for electronic money institutions (EMIs). 2EMD requires authorised EMIs to safeguard funds received from customers for e-money so that, if there is an insolvency event, the e-money issued would be protected from other creditors claims and can be repaid to customers. The government has also decided to require small EMIs to safeguard funds received from customers for e-money. Safeguarding requirements 20. (1) Electronic money institutions must safeguard funds that have been received in exchange for electronic money that has been issued (referred to in this regulation and regulations 21 and 22 as relevant funds ). (2) Relevant funds must be safeguarded in accordance with either regulation 21 or regulation 22.

10 Unicorn Underwriting Safeguarding Requirements Safeguarding option 2 22.Ń (1) An electronic money institution must ensure thatń 1. any relevant funds are covered byń (i) an insurance policy with an authorised insurer; (ii) a guarantee from an authorised insurer; or (iii) a guarantee from an authorised credit institution; and (b) the proceeds of any such insurance policy or guarantee are payable upon an insolvency event into a separate account held by the electronic money institution which mustń (i) be designated in such a way as to show that it is an account which is held for the purpose of safeguarding relevant funds in accordance with this regulation; and (ii) be used only for holding such proceeds. (2) No person other than the electronic money institution may have any interest or right over the proceeds placed in an account in accordance with paragraph (1)(b) except as provided by this regulation.

11 Safeguarding Safeguarding Option 2 The insurance or guarantee method

12 Safeguarding Option 2 Bluefin Financial Risks current position Selection of potential insurers Product sign off Market support Re-insurers Wordings FSA

13 Other essential cover Professional Indemnity Also known as Errors and Omissions Need for specialist IT/Technology wording including.. negligent misstatement or misrepresentation.intellectual property rights infringement.loss of third party data.defamation and breach of confidence.inadvertent computer virus transmission

14 Other essential cover Cyber/Digital Risks System damage due to virus/hacking and; Loss of revenue there from Cyber extortion Loss of reputation

15 Other essential cover Business Interruption Risks major loss of premises/systems denial of access to premises virus or hacking attack war/terrorism/political risks any of above at key suppliers, outsourced parties, customers

16 Business Continuity Planning Confidence Reputational & financial damage can terminate participation. Capability regardless of situation must be assured throughout supply chain. Evidence of resilience dependency, exercising, improvement, process. Business impact assessments to identify weak points, timings. Process steps and timing drive recovery ITC AND business operations.

17 Business Continuity Planning Compliance Good business practice D&O requirement, Companies Act, FSA Dependencies on IT systems. assumptions need challenging. Regular testing of backup facilities and restoration procedures. What to do in the event of an incident? who, what, when, how? Responsibility for escalation, decision making, press, communication.

18 Business Continuity Planning So what? Use business impact analysis to validate dependencies in supply chain and process. Consistent interview and scoring method. Capture dependencies, timings and options. Generate recovery plans. Risk management and maintenance system. Regime of exercising and review.

19 Other essential cover Intellectual Property Rights Provided by Samian Underwriting, the leading global provider of affordable insurance solutions for intellectual property risks (IPR) and other intangible asset risks, such as: enforcement invalidity / title or ownership infringement liability and defence loss of value or revenue contractual obligations open source trade secret

20 Other essential cover Intellectual Property Rights Definition is patent, design, copyright and trademark Three separate cover levels available from Samian Underwriting; IP Enforcer IP Guard IP Protector

21 Intellectual Property Rights IP Enforcer Provides intellectual property owners with the financial resources to fund the substantial costs involved when pursuing infringers of their intellectual property rights

22 Intellectual Property Rights IP Guard An intellectual property infringement liability insurance designed to protect against the potentially ruinous damages and the substantial legal costs involved in intellectual property infringement actions.

23 Intellectual Property rights IP Protector Protection against almost all forms of intellectual property risk, whether it is enforcing rights, defending allegations of infringement or intellectual property related contractual disputes.

24 Thank you Bluefin Insurance Services Limited is authorised and regulated by the Financial Services Authority. Registered Office: 5 Old Broad Street, London, EC2N 1AD. Registered in England No:

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