News analysis - regulation: brokers warned off overseas insurers
Brokers have been warned to take heed of current legal restrictions when they consider working with offshore providers.
The British Brokers' Association (Biba) has voiced concern after hearing reports of offshore providers approaching brokers in the marketplace. Head of compliance and training at Biba, Steve White, said that while the rules allowed brokers to arrange insurance in any way, a broker could not act as an offshore insurer's agent unless they had been approved by the Financial Services Authority (FSA).
Biba issued this advice to brokers: "Members are reminded that where they hold a binding authority
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