The guide addresses specific issues and provisions of the Insurance Act and is laid out in a Q&A format. It also highlights the specific challenges the Act poses for the underwriting sector including issues around fair presentation, remedies and contracting out.
It is based on BML’s detailed work with MGAs, underwriters and brokers, policy holders together with its engagement with the Law Commission, HM Treasury and others around the Act.
Peter Staddon, managing director of the MGAA, said: “There remains uncertainty around the Insurance Act’s implementation. This guide responds directly to the needs of our members to assist them in understanding how the Act may impact on their businesses, and their capacity and distribution partners.”
Jennette Newman, head of Lloyd’s and London Market at BML, added: “The Insurance Act is the most significant legislative change in commercial insurance law and is of profound importance not only to MGAs but also their brokers and capacity providers.
“The guide enables MGAA members to better understand the challenges and opportunities the Act present this important sector of the insurance market.”