From February 2018 onwards, all consumer policyholders must be provided with an Insurance Product Information Document (“IPID”) in relation to all new insurance contracts. The IPID must follow a standardised format and must contain certain information about what is and isn’t covered, key exclusions and the term of the policy and cancellation provisions. Tim Johnson, Partner at Browne Jacobson considers the following.
- the impact of IPIDs on MGAs
- what to consider when deciding what to include (or not include) in the IPID
- regulatory considerations
- what steps you need to take before implementation
