After many years of promoting the interests of members and their customers in Brussels, Westminster and working closely with our European Federation BIPAR, BIBA is delighted to see the Insurance Mediation Directive will now become the IDD and include comparison sites and direct insurers.
In 2017 when we asked members if they had any concerns regarding Brexit, around 66% of respondents said that they did. As a result, the BIBA Brexit Committee has been working closely with leading consultants, KPMG to offer assistance to BIBA members who are considering the implications of Brexit on their business. Consequently, we have created the BIBA-KPMG Insurance Broker Brexit Navigator. This includes considerations around deciding whether you need to set up EU branches or make arrangements with a local European wholesaler or distribution network to deal with existing European clients.
It also flags potential considerations and shows timescales that may affect these.
As we approach March 2019 we hope that this navigator will help you focus on the Brexit issues and opportunities that most directly affect your business.
Get your Brexit Navigator here.
BIBA has reached an agreement with the Worldwide Broker Network (WBN) which will facilitate the introduction of BIBA member firms to one of their member firms in an EU state in order to enable you to continue to help your EU based clients.
WBN has a member operating in each EU country, and all of their members have undergone a rigorous vetting process and importantly have international employees who are English speaking.
A BIBA member that needs assistance with an EU client will be introduced by WBN to an appropriate member. Once the introduction is made, neither WBN or BIBA will have any further involvement meaning that you have control of the relationship and terms of business with the EU broker. You will also be able to agree on the scope of services (e.g. placement, renewals, claims management) and compensation directly.
This agreement will provide some certainty and continuity to BIBA members and their EU clients while we await further development regarding any trade agreement providing access to the single market.
As the mechanics are finalised we will share these with you so that you can benefit from this important arrangement.
For further information please contact:
Warren Lai
AFL Insurance Brokers
0161 325 0265
[email protected]
Mike Bowman
Price Forbes
0207 105 3054
[email protected]
https://wbnglobal.com
BIBA’s Graeme Trudgill interviews Alec Finch at BIBA 2018 on the member solution on Brexit
With much of the Financial Conduct Authority’s rule book derived from European secondary legislation, BIBA is a member of the European Federation of Insurance Intermediaries (BIPAR), and is active in representing members’ interests with the three European legislative bodies that create the regulations; the European Commission, the Council of Ministers and the UK representatives in the European Parliament.
BIBA and Bernadino
BIBA, Alessandro de Besi, Diana Ispodkina and Anna Kadar
BIBA meets David Liddington MP Minister for Europe
David Sparkes at BIPAR
European Parliament
Graeme Trudgill, BIPAR committee meeting February 2015
BIBA, Lord Hill and Alessandro de Besi
Kay Swinburne MEP
Steve White and André Lamotte – the BIPAR President
BIBA and Anna Kadar
Steve White at BIPAR
The EC announced its proposals on changes to the Motor Insurance Directive in light of a number of court rulings that have affected its application and has identified five areas for clarification. BIBA’s views on the proposals are set out below.
BIBA members have many specialisms and can often help in placing cover for those that fall outside of what is considered a ‘standard risk’.
BIBA helps more than a 250,000 consumers Find a Broker every year and can be found at biba.org.uk, or by calling 0370 950 1790.
Whatever type of insurance you need to find, BIBA can connect you with a broker who can help. Please use the search below or call our Find a Broker Service on 0370 950 1790.
9:00AM - 5:30PM, Monday to Friday
Members of the Armed Forces have particular insurance needs. BIBA members making a commitment under the Covenant and which help meet these needs can be found here
