For those of you who missed our last compliance newsletter this can be viewed on our website, click here
Our compliance consultant, CMS, has updated our regulatory calendar which can be accessed from our website.
have been asking for an update on Add-on’s and we have posted on our
website a new version. Our compliance consultants, CMS, have made
changes to the text on ‘optional extras’ to add some further FCA
guidance. Click here for more details.
Pool Re continue their market liaison and their website has up to date information on their activities. For full details click here.
Re invite members to view their website to keep up to date with
important changes and ceding arrangements. For full details click here
Financial Ombudsman Newsletter
The Ombudsman has issued their current newsletter and have been looking at Brexit, MGAs can view this document by clicking on the link provided
Information Commissioner Newsletter
The Information Commissioner has issued their newsletter which can be downloaded here
Lloyd’s have recently issued a number of Market Bulletins which are
directed at MGAs and delegated authority. These can be accessed from here
The IUA regular newsletter regarding European issues is available. To read more click on the following link
Following on from their highly successful Insurance Act market briefing, BLM hosted an interactive “shape & share” on the 14th
June looking at the Insurance and Enterprise Acts. BLM have now issued
a helpful guide for members on the Insurance Act, to assess this click here
Mills & Reeve have issued a paper entitled good faith: sink or swim
– the impact of the Supreme Court’s decision in Versloot.
This looks at the potential impact upon MGAs referred to by the popular press as Collateral lies. To access this paper. Click here
Third Parties (Rights Against Insurers) Act 2010:
The Third Parties (Rights Against Insurers) Act 2010 has significant
implications for those whose practices involve dealing with insolvent
and dissolved insured clients. Coming into force on 1 August this year,
the Act aims to simplify the mechanism by which a claimant (the third
party) may bring a claim directly against an insurer, where a defendant
(the insured) is insolvent. BLM has provided further details here.
One of the most significant points about the act was the third party’s right to information which has to be provided within 28 days.
There has been much information and miss information about Brexit so let’s get the facts right. Click here for more info.
In addition, there
are industry moves to discuss with government the protection of the UK
insurance economy once Article 50 has been triggered. The MGAA is, and
will continue to be, in discussion with industry partners to ensure
there is, as much as possible, a level European playing field and that
UK MGAs will not be disadvantaged. We must work with interested parties
to ensure a sensible and logical trading base going forward, and that
also means Insurance companies whose headquarters are in other European
PKFLittlejohn VAT newsletter
Luigi Lungarella at PKF Littlejohn has issued a newsletter with regard to VAT.