Brokers call for clear risk transfer policy

One of the hottest debates to come out of Biba 2011 centred on the thorny issue of brokers handling client money.

Speaking at the Regulatory Forum, Towergate chief executive Andy Homer, Bluefin’s Stuart Reid, Willis’ Brendan McManus and Steve White of the British Insurance Brokers’ Association (Biba) discussed the need for a standard market wording for risk transfer and this was strongly supported by brokers
in the audience.

When the broker acts as an agent of the insurer and collects client mon