Template will make it easier to implement agreements between brokers and insurers
Biba has agreed a standard template with the ABI for terms of business arrangements (Toba).
Discussions on standardising templates for Tobas took place at the Broker Insurer Forum, an ABI and Biba group, and an agreement was reached on a generic format which can now be utilised by ABI members when issuing amended Tobas to their broker partners
Biba’s head of technical services, Steve Foulsham (pictured), said: “This template can provide a common layout to these arrangements, which will make for easier navigation by brokers - particularly when they are faced with 30 or so different agreements to understand and deal with.”
Groupama head of commercial distribution and chair of the Broker Insurer Forum, Allison Andrews, added: “Whilst the content of the actual TOBA will still rests with individual insurers, this does show that the Broker Insurer Forum is an important vehicle for debate on common insurer/broker issues and demonstrates a positive outcome on an important issue.”
Biba added it will continue to work with the ABI and individual insurers on changes to Toba wordings in an effort to ensure these have Biba engagement and approval.
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