In a much anticipated fringe event tomorrow at BIBA 2015 (May 13-14), the British Insurance Brokers’ Association (BIBA) and Mactavish, leading experts in Insurance Governance, are set to launch an introductory guide to the Insurance Act 2015.
The Insurance Act received Royal Assent on 12 February 2015 and will come into force on 12 August 2016. Its introduction will mean important changes to the way every commercial broker practices throughout the UK bringing both opportunity and new considerations around contracting out, the new duty of fair presentation, and the associated reasonable search requirements. Mactavish experts – including the man who led the Insurance Bill, former law commissioner David Hertzell, who joined Mactavish to work exclusively as a special advisor on Insurance Governance earlier this year – will use the fringe event to explain the findings of the report to the broker community. They will be joined by Brokerbility Chairman and Chartered Insurance Institute President, Ashwin Mistry.
Aviva and QBE who are supporting this leading initiative by BIBA/Mactavish will also be in attendance to input into the discussion.
Commenting on the fringe event and the launch of the BIBA/Mactavish guide on the Insurance Act 2015, Mactavish CEO, Bruce Hepburn, advised: “Our depth of experience and close involvement, as one of the core group of consultees relied upon by the Law Commission for empirical advice in support of the Insurance Act 2015, means that we understand only too well the depth of significance the Act will have for all UK brokers. It is vital that all parties understand the critical implications of this long overdue change in the law – the first in over 100 years – and use the transition period before August 2016 to review processes and systems to prepare for the significant additional demands it places on them. Our guide sets out useful areas to consider before the change goes live and we would urge as many brokers as possible coming to BIBA 2015 to attend this fringe event to learn more and obtain a free copy of this important guide produced by ourselves and BIBA.”
BIBA Chief Executive, Steve White, also commented on the significant importance for brokers of the BIBA/Mactavish guide: “Brokers can use this guide to help bring their staff up to speed on the operational changes they may need to consider. We have also written it from a customer perspective so that brokers can help support customers in understanding their new duties. The Insurance Act is a key Manifesto point for BIBA and we welcome the valued contributions from Mactavish, the BIBA technical committees, advisory boards, the Chartered Insurance institute, LIIBA and AIRMIC in producing this introductory guide.”
Commenting on Aviva’s sponsorship of the BIBA/Mactavish Guide, Ian Ferguson, Customer Solutions Director Commercial Lines, UKGI at Aviva, said: “Aviva is proud to have already delivered what we believe are some of the clearest and fairest policy wordings in the market. We have consistently championed the aims of the Insurance Act to bring even greater clarity for our customers. It is important, as an industry, that we gain a common view on what the changes will mean and we believe that this guide will help facilitate those next steps. Not only helping brokers understand what they need to do to prepare – but importantly providing them with the information they need when they are having conversations with their clients about the Act.”
Commenting on QBE’s sponsorship of the BIBA/Mactavish Guide, Amanda Doran, Head of Commercial Combined at QBE, said: “The transition to the new legal framework undoubtedly presents challenges, particularly for the broking community, and we are committed to supporting them through this change. In addition to supporting this excellent guide by BIBA and Mactavish, we will also be running Act Labs on our stand where brokers can discuss the changes with our team.”
Hard copies of the BIBA/Mactavish Introductory guide to the Insurance Act 2015 will be available both at the fringe event (13 May at 13:15 – 14:00) and on the BIBA (stand E90), Mactavish [stand G69] Aviva (Stand C20), and QBE (D48) stands at the BIBA 2015 conference. All BIBA members will receive a hard copy of the guide which will be distributed widely to all brokers following the conference.
For further information and media interview requests, please contact:
Bridget Jennings: 01458 250200 / 07850 822820
The Media Team or
Tom Miskin, Senior Analyst, Mactavish: 0208 834 1621 / 07711006483
Leighann Forsyth, BIBA Head of Communications: 020 7397 0223 / 07917 738727
BIBA 2015 Conference & Exhibition takes place at Manchester Central 13-14 May. For all details, please see link: http://www.campaignpartners.co.uk/biba/.
About Mactavish – The Mactavish stand is G69.
Mactavish specialises in the analysis of commercial risk, insurance policy reliability, disclosure, placement procedures and conduct and insurance governance standards. Mactavish works with corporates, helping them to increase the reliability and governance of their insurance, and with carefully targeted brokers and insurers to deliver improved insurance solutions, leading to better informed pricing of premiums, the provision of more flexible levels of capacity and clearer policy wordings that are more robust when tested by large losses. The company is unique in its focus on establishing standards across the insurance industry which will be fair and work for all parties.
Mactavish also designs and undertakes a range of unique and proprietary large scale studies across the corporate insurance landscape, focused on changes in the world of corporate risk. Throughout the legislative process leading to the Insurance Act, the Law Commission and Mactavish cooperated closely, with Mactavish research being the single largest primary evidence source for the Law Commission’s work and the only primary evidence provider in respect of market practices relating to smaller and medium sized corporates.
The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.
BIBA membership includes just under 2,000 regulated firms having merged with the Institute of Insurance Brokers (IIB) in November 2011.
General insurance brokers contribute 1% of GDP to the UK economy and BIBA brokers employ more than 100,000 staff.
54% of all general insurance is sold by an insurance broker and they arrange 79% of all commercial insurance business.
Insurance brokers put the client’s interests first, providing advice, access to suitable insurance protection and risk management.
BIBA helps more than 400,000 people a year to access insurance protection through its Find a Broker service, both online and via the telephone.
BIBA is the voice of the industry advising members, the regulators, consumer bodies and other stakeholders on key insurance issues.
About the Insurance Act 2015
For formal detail about the Insurance Act 2015, please refer to this link :
For advice and insight regarding the Insurance Act 2015, please contact Mactavish directly. Contact details above.