APRIL 2014 Follow@UKMGAA
Welcome to our April newsletter; again, any comments, suggested topics or ideas on how to improve this would be gratefully received.
~The Editorial Board~
Charles Earle, Director, MGAA and CEO, Arista Insurance, talks about Conduct and Ethics
Please click here
On the 24th February the MGAA held its General Meeting, chaired by Sian Fisher. The meeting identified the new board following the bi-annual election process held in accordance with the MGAA’s Articles. Each Board member was subsequently introduced to the audience. The Board delegates specific responsibilities to 5 standing committees and the chairman of each of the committees gave an overview of their previous work and their agenda for 2014 and into 2015. Sian Fisher proposed that the MGAA chairman, Reg Brown LLB FCII was awarded Honorary Life Member status. This was unanimously accepted by those present.
ELTO - Update
On the 6th March we issued an update on the ELTO transition period which formally expired on the 31st March, 2014. For a copy of this update click here http://bit.ly/1hvuX8J . Meanwhile, we have asked ELTO to re-schedule their meeting which was postponed on the 5th March, 2014.
i) Challenges of the Regulatory Environment
On the 10th February the MGAA hosted a Market Briefing by Peter Montanaro, Lloyd’s -Head of Delegated Authority. This briefing attracted over 130 registered attendees who we invited to join members of the board and Peter Montanaro in the Old Library at Lloyd’s. Peter outlined how regulation of Lloyd’s Delegated Authority was undertaken and gave an overview of the future changes within the Lloyd’s market.
ii) Big Data in the Industry
SSP outlined their vision of how data was being used and some of the possible ways for data to be more beneficial to businesses.
Congratulations to Malcolm Jeffreys, Compliance and Risk Manager at Dual, who won a ‘Fitbit’ in SSP’s business card prize draw.
iii) FCA “add-on” review
DAS presented at a Market Briefing on the 31st March in the Old Library at Lloyd’s looking at the current FCA position on add-ons. The current thematic review by the FCA looks at how additional covers are being sold to standard policies. This will explore both advised and non advised sales processes.
Podcasts of these events are available on our website for MGAA members who were unable to attend in person http://www.mgaa.co.uk/events/podcasts/
The MGAA run a number of forums which are open to all Full members of the Association. These groups of like minded people review specific issues which relate to their particular areas and address market issues. The forums would welcome any other member who may wish to participate. The MGAA executive would welcome any specific issues which a non attending member would like to raise.
In the past two months we have held
a) PKF Littlejohn LLP
John Needham would be happy to provide 1 hour free consultation for all MGAA Full Members on the following topics; email John at email@example.com :-
b) Lloyd’s LLMIT Test
The MGAA have negotiated a special deal for MGAA members to access both the Lloyd’s LLMIT educational tool and exam at preferential rates. Further details can be obtained by emailing firstname.lastname@example.org
c) Sanctions Checking
Members will be aware of the FCA’s increasing interest in the controls firms have in place to manage the risk of financial crime. This includes the extent to which policyholders and claimants are being screened against HM Treasury’s financial sanctions list. To assist members with this issue, the Association has negotiated access to a facility which allows them to undertake such screening across their entire database. For further details please email email@example.com
d) Bespoke training
The MGAA has negotiated specific training courses for MGAs and their members of staff. These courses, which can be regionally based according to demand, will be focused on delegated authority and the work undertaken by MGAs. Courses will also be focussed upon specific technical subjects such as MD/BI, Marine and Motor.
Searchlight is a renowned training provider and works closely with the Chartered Insurance Institute and their suite of trainers are highly regarded within the industry. For access to their bespoke training courses contact firstname.lastname@example.org
We would like to welcome the following new members to the Association and look forward to working with you:-
Full Members Market Practitioner Members
Gresham Underwriting Limited Argo International Limited
Abbey Protection Group Limited Beach & Associates Limited
Obelisk Underwriting Limited
Hunter George & Partners Limited
Thames Underwriting Limited Supplier Members
Coral Insurance Services Limited FTI Consulting LLP
*Keycare - the UK’s largest provider of insurance for lost and stolen keys - has promoted three of its team to the roles of associate director. Matthew Lindsay, Gaynor Owens and Christine Smith have joined the family business in relation to sales, new business development and operations. For further details of their appointments click here
HOLD THE DATE - UPDATE
The MGAA will be hosting an evening event “Meet the Board” at the House of Commons on the 23rd July, 2014. Places are limited to two per member organisation; if your company has not already registered an interest we would request that you contact Angela Lacey on email@example.com and also confirm if you would like to join your fellow members in a tour of the House of Commons and the MP’s chamber. Groups of 25 will commence their tours from the Great Hall and will be taken to the Terrace for refreshments after.
Premium Credit - Market Briefing
On the 13th January, 2014 Premium Credit Limited (PCL) presented an MGAA Market Briefing at Lloyd’s where they highlighted the benefits of their work with MGAs and how they helped MGAs to grow their businesses. PCL pointed out their tailored solutions to MGAA members combining customer service and streamlined e-solution processes. MGAs could also see benefit from ease of administration and maximisation of efficiencies reaping financial rewards.
Benefits to policyholders include PCL client portal http://bit.ly/Ph3yg3 giving policyholders instant 24/7 secure access to useful information over the lifetime of their account. This enables them to track how much they have paid, settle any missed payments and update any changes to their personal and bank details. All in accordance with consumer requirements.
The MGAA would also like to congratulate Premium Credit Limited who have been involved with providing insurance premium finance for 25 years.
Financial Ombudsman Service
The Ombudsman has issued their March/April newsletter which although focussed on banks, shows us how they would view the treatment of disadvantaged clients. Follow this link http://bit.ly/1gWV9KF