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Tip of the Week

Disclosing Insurer Details

By 24th July 2023July 27th, 2023No Comments

The Financial Conduct Authority (FCA) expect Insurance Brokers to clearly detail the name and address of the Insurer in literature provided to customers.  Within an article on the FCA website it mentions that they have seen examples where some Brokers have put the Managing General Agent (MGA) as the Insurer and that they have not disclosed who the Insurer is behind the MGA.

It is important that the customer knows who the Insurer is that they are placing their business with so that they can make an informed decision on whether to proceed.

We therefore suggest that Brokers take the time to review literature to check that the name of the Insurer and their address is disclosed.