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Statement by the Directors of Taiping Re UK Limited

19-04-2021

 

 

Given the nature of our business as an underwriting member of Lloyd’s, our board consider that there is minimal risk that, either within the member or the very limited supply chains which support our business activities to be involved in, supportive of, or complicit in slavery and human trafficking. The member does not employ any staff and to the extent that the member operates as a purchaser of goods or services, these are solely within the context of our business as an underwriting member of Lloyd’s; we expect a high level of ethical conduct from our suppliers with which we do business within our very limited and business specific supply chains.

 

About us and organisational structure

 

Taiping Re UK Limited is an underwriting member of Lloyd’s, it exists to underwrite insurance and reinsurance products in the Lloyd’s insurance market. The Lloyd’s insurance market has existed for over 300 years and its operation is governed by the Lloyd’s Acts 1871-1982. Lloyd’s is licensed to underwrite insurance and reinsurance business in a large number of jurisdictions around the world. The operation of Lloyd’s members are supervised by Lloyd’s, in turn Lloyd’s is supervised and regulated by the PRA and the FCA.

 

Our supply chains

 

Taiping Re UK Limited underwrites insurance and reinsurance products which are a type of financial services product and so we consider the risk of modern slavery or human trafficking existing within our business or our supply chains to be low. We have a limited supply chain, predominantly comprised of the Lloyd’s members’ agent that advises us on our underwriting at Lloyd’s, companies within its group that may provide tax and company secretarial support and external professional services companies that we may retain to provide additional financial, legal and other advice. We do not act as a producer, manufacturer or retailer of physical goods and have no supply chain in relation to such activities.

 

Anti-slavery Policy Statement:

 

“Taiping Re UK Limited has zero tolerance to slavery and human trafficking and is committed to ensuring that there is no modern slavery or human trafficking in our supply chains or in any part of our business.”

 

This Anti-slavery Policy Statement is the principal articulation of our policy on slavery and human trafficking. It also reflects our commitment to acting ethically and with integrity in all our business relationships to ensure (amongst our other priorities) that slavery and human trafficking is not taking place anywhere in our business or related supply chains.

 

Taiping Re UK Limited is committed to operating a responsible business to the benefit of all its stakeholders and respects, supports and complies with all relevant UK legal requirements to which it is subject.

 

We seek to ensure when entering into material contracts that all those in our supply chain and contractors comply with our stated Anti-slavery Policy, in particular, when seeking tenders for service or when auditing our suppliers.

 

Legal and regulatory purpose of this statement 

 

This statement is made with regard to the obligations arising under section 54(1) of the UK Modern Slavery Act 2015. Accordingly, this statement should be considered to constitute the anti-slavery and human trafficking statement for Taiping Re UK Limited for the financial year recently closed, the current financial year and all future financial years until it may be modified or amended.