FEBRUARY 2016

Dear colleagues

Welcome to our first newsletter of 2016.  January may have passed but the Association continues to actively support members meeting with the regulator and stakeholders.

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 to come.

 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
NEW MEMBERS
We extend a warm welcome to the following new members.

MGAs
Fusion Insurance Services Limited
London Insurance Market Exchange
Asta Underwriting Management Limited

MARKET PRACTITIONERS
Blink Intermediary Solutions    


SUPPLIERS
Subsidence Management
Services Limited

FCA discussion paper DP15/7
The 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 financial services.

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 jurisdiction);
  • 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 peter.staddon@mgaa.co.uk by the 11th March 2016.

COMPLIANCE ROUNDUP
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.

MARKET INFORMATION

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 their current newsletter for MGAs to view.

Information Commissioner Newsletter
The Information Commissioner has issued their newsletter which can be downloaded here.

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

Risk today

The IUA regularly issues a newsletter regarding European issues.  To read more click on the following link.

MEMBERS FORUM

Leading insurance 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.