International Underwriting Association updates delegated authorities guide

Original document released in 2017

International Underwriting Association updates delegated authorities guide

Insurance News

By Terry Gangcuangco

The International Underwriting Association of London (IUA), which first published a good practice guide for delegated authorities in 2017, has now updated the document.

“A lot has happened in the field of delegated authorities since we first published our good practice guide four years ago,” noted IUA chief executive Dave Matcham. “Companies are increasingly using this business model to access new markets and that is providing clients with a more competitive choice of coverage.

“There are, however, many important questions to be contemplated about which functions should be outsourced and how they can be properly supervised. Our guide is designed to help firms tackle these issues and keep abreast of all the relevant regulations with which they need to comply.”

The second edition highlights key concerns for insurance companies in assessing new coverholders, as well as managing and renewing binding authority contracts.

It also considers the implementation of the Insurance Distribution Directive in 2018 and the findings of the Financial Conduct Authority’s thematic review of the general insurance distribution chain in 2019.

Additionally, the new good practice guide examines the delegation of both claims and complaints handling and also looks at the impact of Brexit. It is available for download from the IUA website.

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