MGAA Annual Conference, London, 6 July 2016 - The Managing General Agents’ Association (MGAA) has, today, published a dedicated guide for its MGA members providing practical guidance and information on the implementation of the Insurance Act.
The step-by-step guide has been produced in partnership with insurance law firm BLM, and is launched at the MGAA’s annual conference and capacity exchange taking place in London.
The guide, addressing specific issues and the provisions of the Insurance Act, is presented in a Q&A format and also highlights the particular challenges the Act poses for the delegated underwriting sector including issues around fair presentation, remedies and contracting out.
The guide is based on BLM’s extensive work with MGAs, underwriters and brokers, policyholders together with its engagement with the Law Commission, HM Treasury and others around the Act.
Speaking at the launch of the guide, 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 BLM said: “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 presents this important sector of the insurance market.”
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