Biba, the ABI, and the Institute of Insurance Brokers have issued their recommended core principles for Terms of business Agreements (TOBA) between insurance brokers and companies.
The FSA requirement for all intermediaries to, in effect, have written agency agreements with the insurers they represent will mean the industry will need to review and reissue TOBAs before regulation begins, said the ABI.
The FSA said many firms would find that the TOBA guidelines represented a useful summary of the type of key issues that firms should have in mind when setting up a TOBA.
click here to view the guidelines in full.
