TSC Annual Report 2024 final - Flipbook - Page 40
ESG
insurance and payments systems in 2021 to further enhance
anti-money laundering activities. These measures help mitigate
the risk of inadvertently providing insurance cover for illicit
activities as well as mitigate the risk of the Club inadvertently
facilitating money laundering.
Illegal Acts are Uninsurable
It is noteworthy that illegal acts, as a matter of Swedish law, are
uninsurable as a result of being contrary to public policy and
good insurance practice. For example, the Club’s Rules for P&I
insurance expressly excludes liabilities arising from unlawful
trade to enhance this fact.
Finally, all the Club’s Board members, management group
members, and personnel responsible for the Club’s central
functions (actuary, risk managers, internal audit and compliance)
are subject to an equivalent screening process to ensure that
these individuals meet regulatory 昀椀t and proper standards.
40 The Swedish Club | Annual Report 2024
