1 October 2018, London, UK – Today’s implementation of the Insurance Distribution Directive (IDD) in the UK will have a manageable effect on wholesale brokers in the London insurance market, said the London and International Insurance Brokers’ Association (LIIBA).
LIIBA CEO Christopher Croft said: “It’s fair to say that the IDD is focused primarily on retail brokers and the personal lines market. Because large risks, as defined by the directive, are exempted from the most onerous requirements such as those affecting the information customers should be sent, the majority of business conducted in the London insurance market will fall partly outside its scope. LIIBA lobbied hard to ensure that the complexity and highly commercial nature of London’s business was recognised in this way.
“But new regulation always adds to the burden firms face. Even establishing for certain that you don’t need to change processes is a sizeable exercise in itself.
“LIIBA’s role has been to raise awareness of these requirements and educate our members on the steps they need to take.”
Note to editors:
London & International Insurance Brokers’ Association (LIIBA) is the trade association representing the interests of Lloyd’s insurance and reinsurance brokers operating in the London and international markets. We have the support of the vast majority of Lloyd’s Brokers, accounting for over 95% of the Market’s business.
Our members are engaged in the placement of $67bn of premiums in the London Market and another $24bn across the world. Collectively they contribute to the Market’s 26% share of The City’s GDP or 10% of London’s GDP (2015).
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