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George Stobbart

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Our Find a Broker service has a high profile with the Government, the media, charities, the industry and many others all promoting the use of insurance brokers like you. It is part of the Government’s ‘signposting’ agreement to help older customers to find travel and motor insurance.

Last month we received nearly 37,000 online searches from businesses and consumers looking for insurance from BIBA brokers.

So it is fundamentally important that Find a Broker is up to date with your details and details of the types of cover you can provide. If your details are incorrect you could be missing valuable business opportunities.

Please may I ask for just five minutes of your time to check the classes of insurance for which your company is currently listed. It is possible that this is out of date and it has been highlighted by the FCA that they found some inconsistencies when using the service.

I would be very grateful if, by the end of August, you would do the following (also see attached guide):

1. Go to www.biba.org.uk, select the ‘members’ drop down menu and then ‘update details’. You will be asked to login, your membership number is 007181 and your password is marsh or call 0344 7700 266.

2. Go to the bottom of the page, any classes of insurance already selected will be in the box on the right hand side. You can update the lists accordingly by selecting the classes of insurance in the left hand box to move them into box on the right. Please ensure that you are willing to take enquiries from customers and can place the business.

3. In addition, please pay special attention to the categories for vulnerable customers (below). These are particularly important as they form the top searches and are also the categories that the FCA and media focus on most. We need to include brokers who will place enquiries in these areas so it is very important that specialists select these categories and that only those who are willing to find appropriate markets for these risks select them:

Buildings/Contents: Previous Convictions
Buildings/Contents: Unspent Convictions
Buildings/Contents: Flood Zone
Commercial Property: Flood Zones
Commercial Property: Owners with Previous Convictions
Motor: Ages 17-24
Motor: Ages 76-85
Motor: Ages 86+
Motor: Over 50
Motor: Previous Convictions
Motor: Vehicles Modified for the Disabled
Motor: Young disabled drivers 16 upwards
Travel: Cancer -Currently on Chemo or Radiotherapy
Travel: Cancer only
Travel: Child Alone
Travel: Contaminated blood
Travel: Cruise
Travel: Cystic Fibrosis only
Travel: Disabled
Travel: During Pregnancy- Up to 30 Weeks
Travel: During Pregnancy- Up to 32 weeks
Travel: During Pregnancy- Up to 36 weeks
Travel: Hazardous Sports
Travel: Medical Conditions
Travel: Medical Conditions – Terminal Prognosis
Travel: Medical Conditions – up to 24 days
Travel: Medical Conditions – Waiting list cover
Travel: Medical Conditions- up to 120 days
Travel: Medical Conditions- up to 31 days
Travel: Medical Conditions- up to 35 days
Travel: Medical Conditions- up to 45 days
Travel: Medical Conditions- up to 93 days
Travel: Psychiatric/Mental illness
Travel: Strokes
Travel: Travel Special Needs
Travel: Up to 110 years old
Travel: Up to 75 years old
Travel: Up to 85 years old

Thank you, I really hope that you can find the time to give this some attention as it really is important that we get it right.

Kind regards
Steve
Steve White
CEO

The post Help us to help you to help customers appeared first on British Insurance Brokers' Association.

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The Financial Conduct Authority (FCA) has published Consultation Paper PS16/20 Rules and guidance on payment protection insurance complaints, in which it proposes introducing a deadline for new PPI complaints of 30 June 2019 and carrying out an advertising campaign from June 2017 (paid for by the 18 firms that generate 90% of PPI complaints) highlighting the deadline.

The FCA is also proposing to amend the definition of ‘commission’ for the purposes of assessing PPI complaints under DISP Appendix 3 to include anything not passed to and retained by the insurer (e.g. commission, profit shares, etc.).

The consultation closes on 11 October 2016 and members can feed their views to the FCA or via BIBA (sparkesd@biba.org.uk) before then.

Members wishing to read the consultation paper may access it here.

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk

The post FCA proposes deadline for PPI complaints appeared first on British Insurance Brokers' Association.

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The Financial Conduct Authority (FCA) has published Policy Statement PS16/19 Financial Crime Reporting: feedback on Chapter 6 of CP15/42 and final rules, stating that it had decided to exclude pure GI firms from the initial implementation, with a view to bringing them into scope at a later date.

As such GI-specific questions have been removed from the reporting form.

Members that operate within the investment, mortgage or life sectors will still be caught by the proposal.

Members wishing to read the policy statement may access it here.

(http://www.fca.org.uk/static/documents/policy-statements/ps16-19.pdf)
BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk

The post FCA delays application of financial crime reporting for GI intermediaries appeared first on British Insurance Brokers' Association.

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29th July 2016

BIBA has sent a letter to senior  Government figures setting out what, in their members’ opinions, are the most important considerations as the country begins it move towards exiting the EU.

Letter to Government

Dear Government member
BIBA member Brexit issues for Government consideration
Many of our member firms enjoy the benefits of tariff-free cross-border trade within the European Union (EU) and European Economic Area (EEA).
Partly as a result of this freedom, the UK is the third largest insurance market in the world and enjoys a balance of trade surplus in insurance-based products.
Much of this will be at risk if the UK were to lose the ability to trade freely with the EU. The issues we raise in this letter have been shared and agreed with both the London Market Group (LMG) and the London and International Insurance Brokers’ Association (LIIBA). We also share the concerns raised by the CBI and their 5 main principles.

Our sector specific issues are:

1. The Single Market and Passporting

It is our view that the best interests of our members are served by remaining within the single market as opposed to simply being able to access it.
BIBA members trading internationally use the passporting rights available to them under the Insurance Mediation Directive (and the soon to be effective Insurance Distribution Directive, which the UK will have to transpose into local laws by 23 February 2018, before expiry of any two year window from triggering Article 50).
This passporting right is particularly significant for business that is brought into the Lloyd’s and London market and for firms that have set up branches in EU states where they operate under the ‘freedom of establishment’ principle. In addition, some firms have their international headquarters based here as the UK acts as their gateway to Europe.
The ability to passport both into (to obtain customers) and out of the EU (to use EU insurers to increase competition and choice for customers) is critical to maintaining the level of trade that the UK currently benefits from.
Both the IMD and the newly created IDD do not clarify where an ‘activity’ takes place. It is therefore left to each individual state to determine where it believes each individual activity occurs. This will create an administrative nightmare if the passporting regime islost.

Please see this link to the ‘Luxembourg Protocol’ which was adopted by EIOPAs predecessor CEIOPS as a workable solution under the format of a protocol. https://eiopa.europa.eu/publications/protocols However, a “protocol” is not legally binding and does not create legal certainty. It would be important to have legally binding guidance on where the activity occurs.
Passporting also permits UK insurance brokers to support wider UK Government activity. By way of example; UK insurance brokers use the passporting facility to be able to handle the insurance needs of HM Forces personnel stationed in EU territories such as Germany, Italy and Belgium.

2. Equivalence regime

Some of our members base their international headquarters here because the UK acts as a gateway to Europe. To preserve our leading position as the European centre of insurance broking an equivalence operating model is important.

If it is not possible to be in the single market and the UK obtains third country equivalence status it is important to point out that we will not be offered any assistance by the Markets in Financial Instruments Directive (MIFID2), Solvency II or the credit or mortgage regimes that allow for equivalence in respect of ‘professional clients’. We would need direct support from Government in arranging new bi-lateral trade agreements.
To continue the free flow of business between the EU and the UK, it is important that our regulatory regimes remain comparable. This must be agreed regardless of Brexit, particularly in regard to Solvency II and IDD. (If Solvency II has an equivalence status we may still be unable to transact business if our IDD does not get a similar level of equivalence.)

The UK’s Financial Conduct Authority (FCA) has played an important role in the development of the financial services regulations that are applied across Europe (working within the European Supervisory Authorities, particularly the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority) and so equivalence should be a relatively easy position to argue.

3. The imperative of UK regulatory reform

BIBA welcomed the Government’s support in providing proportionate, robust regulation and governance, helping the insurance market to attract and secure top-rated capital.
However, in a post-Brexit economy, regulation will be an even bigger factor for foreign investors in deciding where to place capital investment and it is vital that our regulatory regime helps the UK actively compete.

Many regulators around the world have an objective to both regulate and promote the industry they regulate, and they do it very well. Singapore, Bermuda, Qatar and Dubai are examples of where regulators have this mandate and actively support the promotion of their local insurance markets.

The FCA and PRA do not have such objectives. Further, they do not even have to consider the impact of their actions on the competitiveness of the financial services sector.

This means that in the UK there is no mechanism to ensure that the cumulative impact of regulation is not damaging the ability of the industry to fulfil its role in servicing the economy, or to help London maintain its position as a global centre of insurance excellence against overseas competitors.

It is imperative that the Government continues with plans to list the FCA as one of those bodies subject to the Business Impact Target under the Enterprise Act. In addition we would ask that the FCA is given a balancing statutory objective to consider the international competitiveness of the UK financial markets and create a dedicated inward investment unit in the FCA to support and encourage new entrants to the UK.

4. Captive insurance arrangements

The impact on captive insurance companies writing for European operations from the UK, or vice-versa for a UK operation from a European base needs to be considered. Some brokers have created specific captive insurance arrangements for customers in order to place risks they are unable to place competitively in the UK. These arrangements will be put at risk where access to the EU is restricted and we may also see job losses for staff in the business units that focus on helping customers with these arrangements.

5. Maintaining employment opportunities

Insurance brokers who place business across Europe have raised concerns about the ability of UK citizens to continue to work freely within the firms’ European offices, as well as retaining staff they currently employ who originate from the EU. These employees are highly skilled, integrated into their local communities and difficult to replace.

6. Motor Insurance cover

EU membership has allowed UK citizens to enjoy the same minimum level of insurance protection when driving anywhere within the EU. This is because UK motor insurance policies provide cover to meet at least these minimum requirements throughout the EU as they do in the UK (in line with the Motor Insurance Directives).
For businesses operating in Northern Ireland, with the UK’s only land border with an EU state, there is now an uncertainty as to how the territorial limits within a motor insurance policy may need to change and how this will impact citizens crossing the border in either direction to go to work.
In a post-Brexit world, UK consumers, insurers and insurance brokers will need guidance from HM Government on whether UK citizens will need to arrange additional cover to their UK insurance, to permit them to drive in Europe. (Previously, UK citizens would have to apply to their insurance company for ‘green cards’ to drive in Europe and for Spain; obtain a bail bond.)
Further, BIBA is keen to see that the insurance trade between the UK and Gibraltar is not impeded in a post-Brexit world. Our understanding is that motor insurance business emanating from Gibraltar makes up 20% of the UK motor insurance market and importantly for Gibraltar itself, we are led to believe that it places 80% of its motor insurance business in the UK. Any difficulties in continuing that trade will obviously have a significantly detrimental impact on both parties. We understood there may be special arrangements in British Law that could allow passporting to and from Gibraltar and we await further clarity from HM Treasury.
Additionally, BIBA worked closely with the team supporting Lord Hill when in office as European Commissioner, to help address the unintended consequences from a ruling by the Court of Justice of the European Union (CJEU) in Damijan Vnuk v Zavarovalnica Trigalev (C-162/13) affecting an interpretation of the requirements of the Motor Insurance Directive. There is some concern that the ‘roadmap’ released recently by Lord Hill’s former department (see http://ec.europa.eu/smart-regulation/roadmaps/docs/2016_fisma_030_motor_insurance_en.pdf) may not be taken forward during the Slovakian presidency of the European Council.

Our members seek legal clarity on whether any amendments deemed necessary to the UK Road Traffic Act to align with the CJEU findings, will fall away once the UK is outside the EU and whether the UK courts will no longer need to interpret UK law in this area in line with EU law (even though the EU law came in whilst the UK remained a member). BIBA appreciates that this will be affected by any agreement with the EU on access to, or equivalence with, the Single Market.

7. Travel insurance

For travel insurance providers, the uncertainty regarding the continuation of the European Health Insurance Card (EHIC) card will need to be addressed. Losing the benefit of the EHIC for UK citizens will result in higher premiums for travel insurance.
8. Acquisition activity

HM Government must ensure that barriers are not raised against UK brokers looking to acquire EU domiciled businesses. This is an important area for our international brokers who seek to grow and expand their business.

9. Under-insurance risk for customers

During this time, we are recommending that brokers discuss with their clients any Brexit issues and the implications for their insurance risks; including the impact of changes in the value of Sterling on the value of materials or property or the costs of importing necessary materials to reinstate a claim. These are considerations that might impact the ability of small businesses to continue trading – clients with Euro or Dollar denominated assets may risk being underinsured for general sums insured e.g. for manufacturing businesses reliant upon importing raw materials from Europe – which in turn will have a knock on effect on the calculation of business interruption sums insured.

10. Taxation

We understand that, even if the UK operates outside the EEA or EFTA, Brexit may not have an impact on direct taxes, we would ask the Government to consider exemptions and relief that would benefit UK business.

11. Opportunities with trade credit insurance

Our members have also expressed interest in the role trade credit insurance could play in managing some of the potentially increasing credit risk if some organisations start to struggle with the changes wrought by Brexit. We would be happy to explore such arrangements with HM Treasury.
In summary, this letter reflects the views and issues raised by our members and other stakeholders. The three most important matters we would like you to consider are:

1. Remain in the single market (with passporting capacity) or have access to it with regulatory equivalence

2. The UK Regulator to be given a statutory objective in supporting international competitiveness

3. To achieve a positive solution for UK staff working in Europe and EU nationals working at our member firms in the UK

ENDS

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28th July 2016

The latest Insurance Price Index from the British Insurance Brokers’ Association (BIBA) and Acturis that tracks £5billion of actual premiums paid annually via insurance brokers shows another significant rise in the level of premiums charged for private car policies.

In the second quarter of 2016 premiums paid for private car insurance shot up by more than 11% net, compared to the same quarter in 2015. When Insurance Premium Tax (IPT) is added – which itself has increased by 66.7% in the same period – motorists are paying 15% more for the same cover and the highest since the index began monitoring premiums in 2010.

This latest hike in motor premiums is especially hard on younger motorists who already pay premiums of over £1,300 on average and could be faced with an annual increase of £200. Last year, BIBA along with the UK’s 3rd largest private car insurer, Ageas, called on Government to provide IPT relief on telematics insurance products, which dramatically reduce the incidence of motor accidents, to encourage their take up by drivers under 25 years old.

François-Xavier Boisseau, Chief Executive Officer at Ageas Insurance said: “We believe that removing IPT on telematics products will increase the take up of these among younger drivers and that the resultant decrease in the number of road accidents would save the economy an estimated £370million over 7 years1.”

Graeme Trudgill, Executive Director at BIBA added: “Young drivers are over-represented in road fatalities. They make up just 12% of licence holders, yet account for 25% of road deaths. BIBA member research2 shows that there is a 40% drop in crash risk for new drivers that use a telematics device so any incentive to use these policies will be a great boon for road safety. Removing IPT would increase this motivation, improve road safety and yet still have a net financial benefit to the economy over time so we will certainly be encouraging Treasury to consider this move.”

Theo Duchen, Chief Executive of Acturis said: “There are continued pressures in the private car market which is why we have seen premiums on an upward trend since 2014. The increase in IPT that is now applying simply accentuates the premium hike for all motorists and especially those already facing high premiums.”

Trudgill concluded: “The incidence of uninsured driving is also increasing in the younger age group and measures that help make cover more affordable could help reduce this trend. We see no downside for implementing this tax break.”

ENDS

1 Making Road Safety Pay Report’ undertaken by the Road Safety Foundation and commissioned by Ageas, November 2014; Numbers updated at June 2016.
2 Ingenie Young Driver Report November 2014 in partnership with Roadsafe.

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The Financial Conduct Authority (FCA) has published a Dear CEO letter setting out their high level expectations of principal firms which have appointed representatives (ARs).

As highlighted in a separate Regulation Update (https://www.biba.org.uk/regulation-updates/fcas-thematic-finds-failings-control-oversight-appointed-representatives/) the FCA review of firms operating a network of ARs uncovered widespread shortcomings in principal firms’ understanding of the risks posed by operating ARs and consequently the control environments these firms had put in place were often inadequate.

In having Appointed Representatives, a firm is lending its regulatory permissions to someone else and with that, it is lending its name. A firm needs to put in place arrangements that let it be sure that its ARs (or AR if it has just one) are(is) operating in a way that upholds the firm’s good name and reputation.

The Dear CEO letter reminds firms that have ARs, that the FCA regards any act or omission of the AR, as an act or omission of the principal firm itself.

Members may access the FCA’s letter using the link below.

http://www.fca.org.uk/static/documents/dear-ceo-letters/dear-ceo-letter-expectations-principal-firms-general-insurance.pdf

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk

The post FCA publishes Dear CEO letter on Appointed Representatives appeared first on British Insurance Brokers' Association.

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A Financial Conduct Authority (FCA) thematic review (TR16/6) in the UK general insurance sector has found significant shortcomings in the control and oversight of appointed representatives by their principal firms.

The FCA initially identified an initial sample of 190 principal firms operating a network of appointed representatives in the general insurance sector and requested and received information from these firms via a survey.  A sample of 15 principals was then selected using a risk-based approach for more detailed review.

Findings from that review fell under three main headings: business models and risk management; governance and oversight; and customer outcomes.   Members may access the TR16/6 report by clicking here.

The FCA’s main concern was the material risk of customer detriment arising from the activities of appointed representatives that are not subject to appropriate control and oversight from their principal.  The regulator noted in its report that firms did not appear to have understood the full extent of their obligations for ensuring their appointed representatives complied with regulatory requirements.  More than half of the 15 principal firms in its sample could not consistently demonstrate that they had effective risk management and control frameworks to identify and manage the risks arising from the activities of their appointed representatives.

The FCA also found that almost half of the principal firms in the sample could not demonstrate that they had understood the nature, scale and complexity of the risks arising from their appointed representatives’ activities and in particular the risk to customers.

The FCA discovered examples of potential mis-selling and customer detriment as a result of appointed representatives’ actions at a third of the principal firms in the review, with most of these issues not previously identified by the principals.  The poor customer outcomes identified included customers buying products they may not need, products they may not be eligible to claim under or customers not being provided with enough information to make an informed decision.

As a result of the findings the FCA has taken early intervention actions in relation to five of the principal firms in the sample.  This includes:

  • the commissioning of two section 166 skilled person reviews to assess whether detriment has been suffered by customers from mis-selling and consider the adequacy of systems and controls;
  • asking two firms to stop selling;
  • imposing requirements on all five firms’ regulatory permissions to stop them taking on new appointed representatives;
  • considering the need for customer redress and whether further regulatory action in relation to the issues identified is required.

The FCA will be sending a ‘Dear CEO’ letter to the chief executive officers of principals with ARs in the general insurance market, setting out its expectations and what actions the regulator expects them to take to address the issues raised in the report.  Further work will also be undertaken with some of the firms who were in the wider sample but not included in the detailed work.

BIBA will be working with the FCA to help share the regulator’s messages in this area with our members (at events such as regional compliance forums and knowledge days).

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk

 

 

The post FCA’s thematic finds failings in control and oversight of appointed representatives appeared first on British Insurance Brokers' Association.

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The Financial Conduct Authority (FCA) has published its annual report which looks back on how the major pieces of work undertaken by the regulator throughout 2015/16 have met its strategic objective of ensuring the relevant markets it supervises are working well.  The FCA has also published a report summarising the activities it has undertaken to promote competition in financial services in its first three years.

The annual report details work the FCA has carried out over the last year, including:

  • Implementing the Senior Managers and Certification Regime for the banking sector, which seeks to deliver a step change in individual accountability;
  • Working closely with stakeholders through the Debt Market Forum, Project Innovate and the Financial Advice Market Review;
  • Taking tough action on past transgressions, issuing penalties totalling £884.6m; and
  • After taking over regulation of consumer credit in April 2014, successfully integrating more than 25,000 firms into the FCA’s regulatory regime. The FCA now regulates more than 56,000 firms and 125,000 approved persons.

Members may access the FCA’s Annual Report 2015/16 by clicking here.

Activities undertaken in the competition arena by the FCA since 2013 are covered in its first competition report and include launching ten new market studies or calls for input.  These included looking at investment and corporate banking, asset management, competition in the mortgage sector and the use of “Big Data” in the retail general insurance sector.  Chapter 5 of the competition report focuses on the general insurance market. Members can access the document by clicking here.

Additional reports from the FCA include its:

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk

The post FCA publishes annual report for 2015/16 appeared first on British Insurance Brokers' Association.

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The Financial Services Compensation Scheme (FSCS) paid out a total of £271.m in compensation for 2015/16 down from £327m in 2014/15, according to its latest annual report and accounts.  Management expenses for the year at the FSCS also decreased to £66m, compared with £71.5m in 2014/15.

The FSCS said that it had received 46,896 new claims from customers during 2015/16, which was 12.6 per cent fewer compared with the 53,662 received in 2014/15.   The scheme reached decisions on a total of 51,112 claims in 2015/16, compared with 61,327 claims the previous year.

Compensation payments for the general insurance intermediation funding class (SB02) fell to £6.7m from £18.7m in 2014/15.  The average amount of compensation paid per claim in the class was £2,548.49, down from £3,738.37 in the previous year.  The FSCS said its uphold rate had declined from 80.3% to 75% for this class

Members may access the document by clicking here.

Mark Neale, CEO of the FSCS, said in his foreword to the report that he recognised that many firms who pay the compensation scheme’s levies have continuing concerns about the fairness of its funding arrangements.  He noted: “I therefore look forward to the Financial Conduct Authority (FCA) review of FSCS funding for FCA funding classes, which is now under way, and the FCA continuing in the year ahead to engage actively with the industry in the debate on the funding model, building on the Financial Advice Market Review.”

BIBA has been meeting the FCA and FSCS as part of the funding review, to voice the concerns of members.

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk

 

The post FSCS publishes its annual report and accounts for 2015/16 appeared first on British Insurance Brokers' Association.

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12th July 2016

BIBA CEO, Steve White and Executive Director, Graeme Trudgill will be out and about in the regions again this autumn. These informal ‘member-only’ sessions will give you the opportunity to:
1 Have your say on the key issues and influence the 2017 Manifesto;
2 Get up to date with all the activities that BIBA is undertaking on your behalf; and
3 Network with other BIBA brokers.

Click here for Tour poster

9 September
London
Book here
15 September
Birmingham
Book here
20 September
Maidstone
Book here

21 September
Southampton
Book here

27 September
Bristol
Book here

28 September
Cardiff
Book here

6 October
Watford
Book here

13 October
Cambridge
Book here

20 October
Manchester
Book here

2 November
Belfast
Book here

3 November
Falkirk
Book soon

9 November
Leeds
Book here

10 November
Exeter
Book here

15 November
Nottingham
Book here

17 November
Liverpool
Book here

For more information on locations, venues and timings, contact:

Kirsty Wingrove:
Email: wingrovek@biba.org.uk
Telephone: 020 7397 0224

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12th July 2016

The British Insurance Brokers’ Association (BIBA) has announced the appointment of Bollington Insurance to provide a new care sector insurance scheme for BIBA members.

This new offering is underwritten by a number of insurers specialising in this market and will enable members to place cover for a sector that is notoriously difficult to place without the need to commit to minimum volumes of business.  Bollington Insurance works with a range of specialist insurer partners to place business, including BBB+ or higher rated insurers and can cover for the following types of establishments:

  • Residential care and education for children with emotional, behavioural difficulties
  • Residential care for individuals with learning disabilities and complex healthcare needs
  • Care for individuals with mental health conditions or physical disabilities
  • Foster & adoption agencies
  • Residential care for the elderly
  • Domiciliary care & supported living

This new partnership with Bollington Insurance gives BIBA members access to a new and growing area.  Members will also benefit from enhanced commissions across all facilities with no minimum commitment required.

The care combined policies will offer covers including material damage, business interruption, employers’ liability and public liability up to £10m. They also include abuse cover up to £5m (on both occurrence or claims made basis wordings) with retro abuse cover an option with certain insurers.  More details can be found at www.biba.org.uk/members/biba-schemes/care-sector-insurance/

Mike Hallam, BIBA’s Head of Technical Services, said: ‘We are pleased to offer this scheme along with its exclusive benefits to members and believe it will satisfy our member needs in this niche market.  We are confident that this scheme will be of interest to our members and are pleased to be working with such a reputable name in the insurance industry with a known care specialism.”

Carl Shaw, Director from Bollington Insurance, comments: “We are delighted to be able to offer access to our care insurance panel to BIBA members.  We have been operating a separate care division within Bollington for the last 14 years and during that time we have built up a significant amount of expertise within our broking and account management team.  Our team understand the risks faced by organisations in this sector and will be on hand to help any BIBA member requiring assistance.

Shaw continues ‘Our strong relationships with key insurance companies enable us to secure the best terms for BIBA members and their clients.  In addition, our delegated authority status with a number of insurers ensures a quick turnaround on quotations.’

For more details on Bollington Insurance and the care facility, visit the BIBA website or www.bollington.com/BIBA for more information.

ENDS

Notes to editors

  1. For further information please contact:

    BIBA press office:
    Pam Quinn, Head of Communications
    Leighann Forsyth, Deputy Head of Communications
    020 7397 0223
    quinnp@biba.org.uk
    forsythl@biba.org.uk

Bollington Insurance:
Rachel Aston, Marketing and Communications Director
01625 854390
07850 953198
Rachel.Aston@bollington.com

 

  1. About the British Insurance Brokers’ Association
    The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.
    BIBA membership includes just under 2,000 regulated firms.
    General insurance brokers contribute 1% of GDP to the UK economy and BIBA brokers employ more than 100,000 staff. 54% of all general insurance is sold by an insurance broker and they arrange 79% of all commercial insurance business.
    Insurance brokers put the client’s interests first, providing advice, access to suitable insurance protection and risk management.
    BIBA helps more than 250,000 people a year to Find-A-Broker, both online and via the telephone.
    BIBA is the voice of the industry advising members, the regulators, consumer bodies and other stakeholders on key insurance issues.

 

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The Financial Conduct Authority (FCA) has published final guidance (FG16/5) aimed at clarifying the requirements on firms when outsourcing to the cloud and other third-party IT services.  This guidance is broader than an earlier considerations paper published in July 2014 and is intended to help all firms to effectively oversee all aspects of the life cycle of their outsourcing arrangements: from making the decision to outsource, selecting an outsource provider, and monitoring outsourced activities on an ongoing basis, through to exit.

Members may access the guidance by clicking here.

 

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk

 

 

The post FCA finalises guidance on outsourcing to the cloud appeared first on British Insurance Brokers' Association.

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The Information Commissioner’s Office (ICO) has published an overview highlighting the key themes of the General Data Protection Regulation (GDPR) to help organisations understand the new legal framework in the EU.  The overview is aimed at those who have a day-to-day responsibility for data protection and explains the similarities with the existing UK Data Protection Act 1998 (DPA), and describes some of the new and different requirements.

The ICO explained that the GDPR had been on track to come into force on 25th May 2018 when it first started drafting the overview.  The result of the referendum on membership of the EU now meant that the Government needed to consider the impact on the GDPR.

The ICO noted in its introduction to the document: “However, we still think it will be useful to publish this overview.  This is because once implemented in the EU, the GDPR will be relevant for many organisations in the UK – most obviously those operating internationally.  The other main reason is that the GDPR has several new features – for example breach notification and data portability.  Therefore we thought it would still be useful to familiarise information rights professionals with the GDPR’s main principles and concepts.”

BIBA would add that the GDPR will come into force before the end of any two years withdrawal process.  As such, it will be directly applicable in the UK while we remain within the EU.  Until withdrawal is complete, UK firms will be obliged to comply with the GDPR.

Members may access the document by clicking here.

Steve Wood, Interim Deputy Commissioner at the ICO, has also written a blog explaining why the GDPR is still relevant for the UK.  Members can read that blog here.

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk

 

 

The post ICO launches GDPR overview and explains why it is remains relevant to the UK appeared first on British Insurance Brokers' Association.

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8th July 2016

The British Insurance Brokers’ Association (BIBA) has won the Best Publication of the Year Award for its Manifesto as well as Website of the Year Award at the prestigious Trade Association Forum Best Practice Awards.

Speaking about the 2016 Manifesto document, which sets out the campaigning agenda for the Association, the judges said; “BIBA’s 2016 Manifesto is fresh and modern with a striking design.  The clear informative content in an easy to use format serves as a successful door opener and is a fantastic example of transparent lobbying – something which is increasingly important in today’s world.”

The BIBA website communicates and reinforces key messages to all audiences and in January 2016 was relaunched with a new design. This took a radically different approach  to audience engagement and a new search engine which ‘learns’ searches over time has helped contribute to the site being much easier to navigate.   The award recognises that the new site has additional functionality giving individuals and businesses a much improved experience with an easy to use, visually appealing site with current and relevant content.
BIBA Executive Director, Graeme Trudgill said: “It’s always fantastic to be recognised for the work we do and for these awards to come from our peers in the trade body sector means a lot  as it shows we are getting it right as an organisation.  Both the website and the Manifesto were launched through extensive member collaboration and both have been well received by our stakeholders and membership, which is the most important test.”

The awards, hosted by the Trade Association Forum, were presented at a ceremony in London on 6 July.

 

-Ends-
Notes to editors

  1. Click here for photo
  2. For further information please contact:

    BIBA press office:
    Pam Quinn, Head of Communications
    020 7397 0223
    quinnp@biba.org.uk

  3. About the British Insurance Brokers’ Association

 

The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.

BIBA membership includes just under 2,000 regulated firms.

General insurance brokers contribute 1% of GDP to the UK economy and BIBA brokers employ more than 100,000 staff.

54% of all general insurance is sold by an insurance broker and they arrange 78% of all commercial insurance business.

Insurance brokers put the client’s interests first, providing advice, access to suitable insurance protection and risk management.

BIBA helps more than 250,000 people a year to access insurance protection through its Find a Broker service, both online and via the telephone.

BIBA is the voice of the sector advising members, the regulators, consumer bodies and other stakeholders on key insurance issues.

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