Welcome to our
first newsletter of 2016. January may have passed but the Association
continues to actively support members meeting with the regulator and
Over the past few
months we have also been occupied with our board election. The new
board will be announced at our General Meeting on 24 February and we
hope to see you all there. The makeup of the MGAA Board will change as
we are sad to see our Chairman, Reg Brown, step down after guiding the
association over the past 5 years. We will also be sorry to see Sian
Fisher step down, but delighted to see her take on the challenging role
of CEO at the CII. We wish her every success and know the CII is in
safe hands with such a committed person. Finally we see Peter Hubbard,
Chairman of the Executive and Finance committee, step down due to
retirement, but know that he will be around working with MGAs in years
In January we:
- Held a meeting with regard to the London markets Target Operating Model, [TOM] initiative
- Held two sessions with the former Law Commissioner and BLM, reviewing how the Insurance Act will impact upon MGAs
- Met the Department for Transport regarding VNUK case
- Responded to the EIOPA survey on IDD implementation
- Met with Treasury to discuss barriers for new entrants
- Held a meeting with Lloyd’s about our professional development programme
- Held a market briefing with Clyde & Co on Protecting Intellectual Property
- Spoke at the Bradford Insurance Institute about MGAs
- Aided a tour of Lloyd’s for 6th form students
- Met our colleagues from the AAMGA
- Met with FCA for our usual “catch-up” quarterly meeting
We extend a warm welcome to the following new members.
Fusion Insurance Services Limited
London Insurance Market Exchange
Asta Underwriting Management Limited
Blink Intermediary Solutions
FCA discussion paper DP15/7
FCA is reviewing the way SMEs use financial services and how they are
treated within its rules. The paper considers insurance as well as other
MGAs have been invited to join this discussion on:
- Whether the level of protection provided to SMEs in the FCA Handbook is broadly correct;
- Whether its rules
should treat more SMEs like individual consumers and extend provisions
reserved only for the smallest SMEs to larger ones (including FOS
- How good practices could best be promoted among firms; and
- Whether more ambitious voluntary standards could provide an alternative to, or complement, changes to its rules.
The consultation period ends on 18 March 2016 therefore please send your comments to email@example.com by the 11th March 2016.
For those of you who missed our last compliance newsletter this can be viewed on our website.
Our compliance consultant, CMS, has updated our regulatory calendar which can be accessed from our website.
Pool Re continue their market liaison and their website has up to date information on their activities. For full details click here.
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 their current newsletter for MGAs to view.
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 here.
The IUA regularly issues a newsletter regarding European issues. To read more click on the following link.
and risk law specialist, BLM has joined forces with the Chief Economist
from the Institute of Directors, James Sproule to undertake extensive
research to identify the macroeconomic trends affecting the Lloyd’s and
London Market. The first report bringing the finding to life is “The
Impact of Macroeconomic Trends on London Market Claims – Professional
Indemnity”. To access the full report, please click here.
This is the first
report in a series of whitepapers. The firm will soon be launching
reports addressing property & environment and casualty. More
information on the whitepapers will be available in due course on www.blmlaw.com.
PKFLittlejohn VAT newsletter
Luigi Lungarella at PKF Littlejohn has issued a newsletter with regard to VAT.