Insurance Act

The British Insurance Broker’s Association, or BIBA, is calling for the industry as a whole to embrace the objective of fairness in the Insurance Act 2015 as it comes into force this August.

Doing so will require brokers, customers and insurers to adopt different processes for managing commercial insurance, with a goal of increasing professionalism in the industry.

To help with this process, BIBA has created an implementation guide that members can use to help with the transition. Working in conjunction with compliance experts Mactavish, they launched the helpful resource at the recent BIBA Conference in Manchester.

The guide initially reviews several concepts, including fair presentation and reasonable search. It also takes a look at the effects of changes made on the application of warranties and suggests possible implementation measures in order to achieve compliance with the Act.

As this will be a massive change in legislation governing practices, BIBA is eager to establish a framework that all parties can work with; something clear to make the transition as smooth as possible.

The aim of BIBA is to see all brokers and insurers unite over how the Act is adopted in August. They feel a transparent, united and fair approach for all is the most effective way forward.

By implementing the Act, a more level playing field will be set for all companies, offering clarity for everyone from multinational insurers to SMEs.

Of course, BIBA’s implementation guide isn’t the first document they’ve published to assist with this transition. It’s a follow up guide to a resource they published last year, entitled Introduction to the Insurance Act.

By checking out both documents, brokers and insurers should have a clear expectation of what will be expected from them come 12th August, 2016.

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