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November 15, 2024
In June this year, the compliance team at the British Insurance Brokers’ Association (BIBA) was approached by the FCA to raise awareness of the Regulator’s concerns in relation to non-admitted insurers. BIBA subsequently published a guide for its members titled ‘Non-admitted insurers – do you understand your exposure?’, which was the first indication that the FCA’s attention has recently turned to overseas insurers and how UK intermediaries (in the main, Managing General Agents (MGAs), and wholesale insurance intermediaries) may be interacting with them. This Hot TopICS sets out the key issues for intermediaries to consider in using non-admitted (offshore) insurers.
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