Welcome to the April 2016 newsletter.
As many of you
will be aware, in January we held elections for the MGAA board.
Following the elections, we were pleased to confirm 2 new directors Mark
Birrell, chief executive of Castel Underwriting, and Charles
Manchester, chief executive of Manchester Underwriting Management.
Charles and Mark join Catherine Bell, Charles Earle, James Gerry, and Jeff Turner, who were all re-elected to the board.
member-elected directors are joined by representatives from the
Association’s market practitioner and supplier membership. Keith Stern,
regional manager, Lloyd’s, was re-elected as supplier representative and
Bill O’Malley, senior vice president, Arch Insurance Group remains as
market practitioner representative until his current term ends in
The board also
includes directors representing the Association’s two largest full MGA
members by gross written premium – Mike Keating -UK General and Tom
Downey - Pen Underwriting.
Gerry, GB Underwriting, was elected as Chairman of the MGAA Board in
March. Further details on the Board and Chairman can be viewed here.
Our thanks go to
Reg Brown, Sian Fisher, Nicholas Hales and Darren Doherty for all their
hard work and commitment during their time on the Board.
In February and March, we:
Origin UW Limited
Ptarmigan Underwriting UK
Majesco UK Limited
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
Re CEO Julian Enoizi said the government-backed terrorism reinsurance
scheme would be ready to respond to biological or chemical attacks,
after French prime minister raised concerns about such incidents on
Pool Re continue their market liaison and their website has up to date information on their activities. For full details click here
Re achieve PRA and FCA authorisation - Regulators have confirmed Flood
Re will be authorised from 1 April 2016 ahead of the scheme's 4 April
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 from here
The IUA regularly issues a newsletter regarding European issues. To read more click on the following link
on from the highly successful BLM market briefing identified in our
February newsletter we are pleased to be able to offer members access to
The Insurance Act 2015: A practical guide to changes in UK Insurance Law and also Insurance Act 2015: Quick Reference Guide
Enterprise Bill 2015
much anticipated Insurance Act 2015 is due to take effect from August
2016. The Enterprise Bill 2015, will add to the insured-friendly reforms
of the Insurance Act 2015 by bringing into law two key concepts:
Sarah Trendell-Smyth of Mills & Reeves explains more so for full details click here.
Luigi Lungarella of PKF Littlejohn has issued another newsletter with regard to VAT
Claims Innovation Awards
MGAA has agreed to be a judge for these Awards and we would like to see
MGAs being awarded for their excellent work when they are handling
The closing date for your enquiry is 8 April so you need to get a move on if you wish to enter. Follow this link for a copy of their last story which was written for our information.
Regulatory Efficiency Gains
members REG have identified issues among Insurers ToBAs as to what
constitutes appropriate or mandatory due diligence on Broker. CEO
Michael Phair explores these issue and helps MGAs consider their
position as the” Third Force”. For further details click here
are pleased to provide information with regard to how the sharing
economy is transforming the speed and cost of launching insurance
products to a global market. This paper, prepared by Max Pell CEO of
Instanda, explores “Everything-as-a Service” which is transforming the
economics of establishing and running a company. “Product-as-a-Service”
will fundamentally change Insurance product design and delivery. For
further details click here.
Insurance Charities Awareness Week (ICAW) takes place from 20th - 24th
June throughout the UK and Ireland. The Charities will be sending out
complimentary display box/floor stands to the insurance sector with the
view of spreading awareness of the essential work by helping people who
have worked in the insurance industry who now need help themselves.
To participate in this important cause Emma Bangar with your name and number of employees in your office so Emma can send you the appropriate box.