Timely renewals
Q. Our firm is experiencing difficulty in obtaining renewal terms from certain insurers in time to meet FSA deadlines. What should we do to ensure that we do not breach FSA rules ourselves?
There is no doubt that the advent of Financial Services Authority regulation has forced insurers to improve the timing of the delivery of renewal terms to brokers but, almost inevitably, there will be times when things go wrong.
Also, there will be cases where renewal is the subject of negotiation, perhaps following a change in the nature of the risk or where claims experience has deteriorated.
However, there is no excuse for leaving the release of terms or even review of the underwriting terms
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