News analysis: Due diligence to the fore in unrated insurer debate
Biba plans to launch assessment tool for brokers
The news that the British Insurance Brokers’ Association (Biba) is developing an assessment tool for unrated insurers has led to calls for regulators to share more information.
A leading insurance broker, who did not wish to be named, insisted that it was not Biba’s role to provide due diligence services. He said it was up to the Prudential Regulation Authority (PRA) to show which insurance companies brokers could trust.
“Insurers have to satisfy the PRA so in some respects that is what the
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