Exclusive - GISC set to go live with no formal empowerment.
The General Insurance Standards Council is likely to go live on a voluntary basis, without any forma...
The General Insurance Standards Council is likely to go live on avoluntary basis, without any formal empowerment, in order to protect
itself from law suits filed by brokers and intermediaries alleging that
the its rule book is anti-competitive.
If this is the case, it will mean that, until GISC's rule book is approved
by the Office of Fair Trading - which will effectively protect it from
such suits - the council will not be able to impose mandatory requirements
upon its membership.
In such a
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