The LMA have also provided some first class guidance for UK Coverholders here. I wait to hear from Lloyd’s as to whether a co-ordinated approach (similar to GDPR compliance) to their in-scope Approved Coverholders is being planned or not.
However, pending this, as a very quick check list, there are I think six keys things for carriers to be doing now, in advance of the 1st October deadline (less than 8 weeks away!).
Step 1 – Establish your Coverholder/MGA business which is in scope
All products distributed in the EEA are in scope, other than those distributed to ‘large risks’ (as defined by the FCA). So, any Coverholder/MGA business or Master Policy arrangements in the EU where you are the lead carrier on this basis (i.e. products distributed to consumer/micro-enterprises/SMEs), is in scope.
Herein, I refer to Coverholder/MGA businesses or Master Policy holders generically as ‘Delegated Authority holders’.
You may also like…
MGA Design & Build
Manager, Kajal Pankhania, highlights the flexible support DA Strategy offers start-up MGAs looking to make an impact on the insurance industry with their MGA Design & Build services.
FCA scrutiny: how can insurers demonstrate ‘fair value’ to customers?
The principle of ‘fair value’ is here to stay and remains one of the foremost points of focus of the current FCA direction of travel for the insurance industry, says DA Strategy Associate Marcus Elwes.
Navigating the COVID crisis as an MGA
DA Strategy Director Charles Rowley caught up with Mia Wallace at Insurance Business UK to talk through the evolving proposition of successful MGAs against the backdrop of the pandemic crisis, and a historic global insurance market turn.