Welcome message from our Chairman, James Gerry.
At the MGAA Annual
Conference on the 6 July 2016, I called upon the sector to recognise
the important role that education and transparency plays in supporting
continued MGA growth.
400 delegates I pointed to where the Association has made significant
progress in establishing a voice for the UK MGA sector; and the fact
that we are a distinct and relevant force within the UK insurance
We do operate in
the most dynamic, innovative, and rapidly growing segment of the
insurance market. Therefore, it is critical that the Association
continues to anticipate the changing landscape that all members are
likely to be operating in.
Moreover, as the
MGA space grows so too does the range of stakeholders. The sector needs
to ensure it engages with this widening group. The Association has a
responsibility to educate and inform everyone who has an interest in the
MGA’s role. MGAs must also focus on greater transparency and
communication with all our stakeholders if we wish to increase the
levels of trust, confidence and security. These drivers will be key to
the continuing success of our sector, and will play a pivotal role in
the future shape of not just the MGA but the wider delegated authority
market in the UK.
MGAA 2nd annual conference
On the 6th
July we held our annual conference at the Grange Tower Bridge Hotel.
The event includes 3 panel discussions, a series of market briefings and
of course the Capacity Exchange.
Podcasts of the panel discussions can be accessed here.
As one of the
major events in the MGAA calendar we are extremely pleased to have
welcomed over 400 members to the event (a short video of the day’s
proceedings is available here).
Events held in June and July:
Young Compliance Officers Group meeting
Market briefing on Fraud by John Beadle from RSA
Conduct & Ethics Committee
Intelligent Insurer Diversity Inclusion Roundtable
“Shape & Share” Interactive session on the Insurance Act with BLM
Insurance Charities board meeting
MDD Business Interruption Panel Discussion
Responded to OECD call for evidence on IDD impact on SMEs
Membership & Benefits Committee
London Market Awards Dinner
Market Briefing on What a Digital Strategy looks like for an MGA by INSTANDA
VAT & Insurance Seminar
Placing Platform Ltd and LIIBA meeting
MGAA 2016 Conference and Capacity Exchange
Conference call with FCA regarding their thematic review on appointed reps
HMRC IPT/VAT liaison group
Changing MGA landscape meeting with Lloyd’s and others
Azur Underwriting Ltd
The Griffin Insurance Association Limited
Pen Underwriting (Delegated Solutions)
DAC Beachcroft LLP
vrs Vericlaim UK Ltd
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.
The Insurance Charities is holding their Golf Day on Tuesday September 20th at Staverton Park Golf Club in Northampton.
teams of four can enter, at a cost of £60 or £225. This includes a bacon
roll and coffee at the start of a day, a two course meal at the end and
18 holes of golf in between!
The flyer with all the details is available here.
Members can read
the insurance charities latest newsletter with details of Insurance
Charities Awareness Week, summer hampers initiative, a Governance
update, and the case study of Cara (for whom we helped fund life
changing surgery). More details can be found here.
Insurance Regulatory eBulletin | July 2016
Moore Stephens' Insurance Regulatory eBulletins helps keep you up-to-date with the latest regulatory developments in the insurance industry.
you are looking for more capacity to underwrite UK Property, Kay
International plc has secured a new Surplus and/or Excess of Loss
facility to write Commercial Property including Business Interruption,
Goods in Transit, Stock, Loss of Licence, Personal Effects and Property
The security is JRP/Kiln and Faraday.
The Limit is
£5,000,000 for each risk bound (if higher will need special acceptance).
This facility is Properties in the UK and Republic of Ireland. Cover
can also include holiday homes in the EU.
Kay gives 20% Commission.
For more details contact
Brian Salmanpour – Chairman – Kay International Plc.
Tel: 0207 398 2580 or E Mail: email@example.com
are offering a website service for new and established MGAs looking to
establish a professional web presence quickly and cost effectively.
The hosted site,
which is fully mobile compatible and SEO enabled, is based on their MGA
specific design. Clients just need to complete the simple word document
template supplied, choose their preferred colour schemes and Cover.Net
will do the rest, with the live site up and running within 2-3 weeks.
The package costs just £4000, which is inclusive of hosting costs. A recently completed example can be found here: www.tansar.co.uk For further details contact Jim Campbell on 028703 25800 / firstname.lastname@example.org