DECEMBER 2015

MANAGING DIRECTOR’S REPORT
As we rapidly approach the end of 2015 it is interesting to look back over the past 12 months to see some of our achievements.

As the association continues to grow, with nearly 20 new MGAs joining in 2015, we need to accept that as with many successful professions there is always consolidation. That has had the effect of amending the actual number of MGA members being 105. The good news is that the total gross written premium of these 105 members is building and we should see the association’s members writing in excess of £ 4 billion in 2016.

Much of our work is co-ordinated via the Board of the MGAA and also the standing committees. To this extent I wish to thank the Board, all Committee and Forum members of the Association for all their hard work and support over the past 12 months.

At this juncture I would remind members that the association will hold it board elections in 2016 and we encourage all members, both MGAs and market practitioners, to vote for your preferred candidate who will represent your views over the next term of office.

Over the past 12 months we have actively engaged with

  • The All Party Parliamentary Group on General Insurance
  • The Department of Transport
  • The HMRC/Treasury IPT and VAT liaison group
  • Lloyd’s of London
  • IUA
  • The London Market Group on new market initiatives

And the list goes on

Our relationship with the regulator continues where we engaged with the FCA in their scoping of thematic reviews on Claims [TR15/6] and coverholders [TR15/7]. We have also engaged on both consultation and discussion paper, seeking member’s thoughts and concerns in these areas. And in early December we are meeting FCA to discuss Professional indemnity insurance both as buyers and also as MGAs selling Brokers and intermediaries PI cover. We would not have been able to achieve that without the engagement of the membership, so for that and on behalf of the MGAA board I wish to pass on our sincere thanks.

In July we hit another milestone and held our first annual conference. Although this was on the hottest day of 2015 it did not dampen the atmosphere as we had in excess of 400 members attend. This was supported by a number of key sponsors and again our thanks and gratitude to them for making this day such a success. We have started to plan our 2016 conference which will be held in the Tower Grange, in Prescott Street in early July. Further details will follow in the New Year but if you wish to consider sponsorship then please contact either Jane or myself.

On the 14th December we will be moving to new offices just across the courtyard here in Minster Court. Please note out new address, but the telephone numbers will stay the same

8th Floor, 1 Minster Court, Mincing Lane, London EC3R 7AA

Finally Jane, Teresa and I would like to wish you a Happy Christmas and a prosperous 2016.

NEW MEMBERS
We extend a warm welcome to the following new members.
MGAs
Euna Underwriting Limited
U-Sure Insurance Services Limited
SUPPLIERS
Transactor Global Solutions
Lawshield

MEETING WITH FCA
On the 7th October, over 150 members registered to attend an “open door” meeting with FCA.  James Gerry, Chairman of our Legal Regulatory and Compliance Committee, did a sterling job of chairing the meeting and raising members’ previously advised questions.  FCA fielded 7 senior representatives from their supervision, technical and thematic review teams.  All questions were addressed, which included a number from the floor.  We would like to express our thanks to Alison Walters and her colleagues for this frank and informative discussion.

TARGET OPERATING MODEL [TOM]
The MGAA are working with the LMG on a complaints initiative. This is designed to be

  • More Efficient: This will actively enable and promote a more efficient way of recording and managing complaints. It will reduce the duplication and number of ‘hand off’s’ between Brokers, Coverholders, Claims TPA’s, Carriers and Lloyd’s by providing one tool in which complaints are recorded, updated, managed and reported.
  • Ease of Use: The new complaints Management system will be easy to use.
  • Consistency: The initiative will help deliver a consistent way of handling the Complaints across the market. To date , Lloyd’s Managing Agents have indicated that they would purchase this tool, giving more consistency to Coverholders and Claims TPA’s in how they link with carriers on complaints. This will promote standardisation across the market.
  • Visibility and Communication: The tool will enable Coverholders to record, run reports and notify complaints to the carriers and Lloyd’s, and at the same time have access to the complaints progress when the Coverholder does not handle the complaint itself from start to finish.
  • Regulatory Safeguard: The initiative is based on the new FCA’s and Lloyd’s regulation on Complaints management . This tool will in the future support international complaint regulatory requirements.

MGAA – ON THE ROAD
The MGAA have been speaking at a number of venues around the country.  Since the start of this tour we have visited 10 different locations with a total audience of in excess of 600 regional insurance people.

CONGRATULATIONS

Our congratulations to EC3\Legal on winning the prestigious Legal Advisor of the Year at the Insurance Day London market Awards celebrations on Thursday 3rd December.

MOVEMBER CHARITY

David Coupe and Peter Staddon banded together to support Prostrate Cancer in an Anti-Movember campaign. Whilst Peter shaved off his moustache, something which has been there for over 40 years, David grew a moustache.  As of the time of writing they had collected just under £ 3,250, but they are still looking for support and donations, by the 9th December. Donations can be made from here

POOL RE
Pool Re continue their market liaison and their website has up to date information on their activities. For full details click here.

FLOOD RE
Flood Re continues its interaction with the UK insurance market. To view their newsletters visit their website www.floodre.co.uk

FINANCIAL OMBUDSMAN NEWSLETTER
The Ombudsman has issued a number of newsletters for MGAs to view.

INFORMATION COMMISSIONER NEWSLETTER
The Information Commissioner has issued their newsletter which can be downloaded here.

COMPLIANCE NEWSLETTER
For those of you who missed our last compliance newsletter this can be viewed on our .

REGULATORY CALENDAR
Our compliance consultant, CMS, has updated our regulatory calendar which can be accessed from our website.

LLOYD’S 
Lloyd’s have recently issued a number of Market Bulletins which are directed at MGAs and delegated authority. These can be accessed from here

RISK TODAY
The IUA regularly issues a newsletter regarding European issues. To read more click on thefollowing link.

MILLS & REEVE
Supplier members have issued their “Covernote” edition looking at legal issues, to read more clickhere.

INSLY
Insly have issued 6 important things to consider when implementing an IT strategy, to obtain a copy of that please contact peter.staddon@mgaa.co.uk

VAT NEWSLETTER
Luigi Lungarella at PKF Littlejohn has issued a newsletter with regard to VAT.

 

 

  

Global publisher Key Media is excited to announce the launch of their flagship vertical Insurance Business UK, a magazine and website devoted to providing insurance brokers with key industry information, thought leadership and business building advice in partnership with MGA’s and specialty providers. Insurance Business is keen to be an advocate of the MGAA in order to assist its MGA members in educating brokers on their expertise and value.

Our launch issue will feature Brokers on MGA – Brokers weigh in on how well UK’s MGA’s are meeting their needs. As an MGAA member, Insurance Business is offering an early-bird discount to new advertisers as well as complimentary subscriptions to the publication. For additional information, please contact Sabrina Nawaz on 0207 193 6946 or emailsabrina.nawaz@keymedia.com