Polly C – the hottest insurance gossip
In a nutshell, due to accounting errors, there are and have been occasions when an insurer fails to demand the money from a broker for the cover their client has been given. In the good/bad old days, if the insurer did not take the money, it would sit in the broker's account for years until it was finally rolled into their profit and loss account.
Happy days.
However, the FSA has insisted that brokers seek to give this money back to the insurer or, failing that, back to the client. One broker
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