GISC: solvency rethink.
The General Insurance Standards Council is reconsidering its stance on solvency rules. Following ind...
The General Insurance Standards Council is reconsidering its stanceon solvency rules. Following industry concern about the rules on
earned-based commission, the council is planning to discuss the
alternatives at its board meeting on 14 September.
Under GISC solvency rules 23, 24, 25 and 26, brokers and intermediaries
taking commission before paying premium monies to insurers must keep a
percentage of their revenue in a separate bank account. For those with a
revenue of under £1m a year, this would
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