The British Insurance Brokers' Association (BIBA) is the UK 's leading general insurance organisation representing the interests of insurance brokers, intermediaries and their customers. BIBA membership includes 1,700 regulated firms. BIBA brokers handle around half the value of all UK home, contents, motor, travel, commercial and industrial insurance policies. Insurance brokers make a direct and indirect contribution of 1% to UK GDP.
BIBA is the voice of the industry advising members, the regulators, consumer bodies and other stakeholders on key insurance issues. BIBA provides unique schemes and facilities, technical advice, guidance on regulation and business support and is helping to raise, and maintain, industry standards.
BIBA creates an ‘Adaption Guide’ to help insurance brokers, insurers and customers navigate the post Insurance Act world
The Insurance Act 2015 came into force almost a year ago and the Enterprise Act 2015 took effect on 4 May 2017 impacting both the placement of commercial insurance and the way claims are considered.
Following on from a survey of members about implementing the new Acts, BIBA, in conjunction with insurance governance specialist, Mactavish has launched its ‘Insurance Act 2015 & Enterprise Act 2016 Adaptation Guide’.
Sponsored once again by Ageas and RSA, the guide launched on 10 May 2017 at the BIBA Conference in Manchester and follows the earlier Introduction and Implementation guides.
This latest guide in the series focuses on the adaption issues that, according to the BIBA member survey, brokers and their customers find most challenging. Taking scenarios from a fictitious case study the guide provides a practical summary of the matters generating concern around ‘Fair Presentation’, ‘Contracting Out’ and ‘Post Loss Conditions’. It goes on to consider the implication of the Enterprise Act which came into force on 4th May 2017 and what businesses will have to show to take advantage of its provisions in respect of damages for late payment of claims.
Steve White, BIBA Chief Executive said: “These legislative changes are massive and we wanted to understand from our members what they see as the biggest challenges in adapting to them. The guide has the support of insurers in the shape of our sponsors as well as the ABI, AIRMIC, CII, CILA and LIIBA. Having the insurance market work together will help to bring clarity about adapting to the Acts.”
Bruce Hepburn, Mactavish Chief Executive Officer added; “Former Law Commissioner, David Hertzell, who drafted the Insurance Act helped us bring this guide together. It draws on existing case law to suggest how the Act might be interpreted and concentrates on the real concerns of brokers in acting for their clients when placing commercial business. Using a business example helps make the issues real and we hope to see a positive conversation in the sector around working together under the Acts.”
The Adaptation guide is printed with a shortened version for businesses to help them understand the duties imposed upon them in the new regime.
François-Xavier Boisseau, CEO at Ageas Insurance Limited, guide sponsor, said: “We knew that the legislative change being brought about by the Acts would present challenges, as highlighted in the practical examples. We’re thrilled to be part of this and Ageas will continue working with and supporting brokers to provide as much clarity as possible in adapting to these changes for both brokers and their customers.”
Stephen Lewis, RSA Insurance Group Plc CEO UK & Western Europe, guide sponsor said: “It's important that all parties involved in a commercial insurance contract understand the changes brought about by these two new Acts coming into force. We are pleased to support this guide and I welcome the clarity this guide provides to our employees and partners alike."
Steve White concluded; “Our survey showed the areas which are proving most challenging to navigate but also highlighted that our members do believe the Act will improve professionalism in placement, one of its aims. The fact that this guide has broad market support points towards it being a key document to bring clarity to the operation of the Acts.”
If you like the content you see on youTalk-insurance why not take 20 seconds to subscribe to our free newsletter
- 26 Jul 2017
- 5 Jul 2017
- 26 Jun 2017
- 8 Jun 2017
- 1 Jun 2017
- 25 May 2017
- 25 May 2017
- 15 May 2017
- 15 May 2017
- 12 May 2017