Questionnaire will seek figures on contract certainty
Biba will deliver an assessment on how its members are meeting industry contract certainty guidelines to the FSA in June.
Peter Staddon, Biba head of technical services, told delegates at the Brighton conference last week.
"Biba will be writing to brokers for robust figures on how contract certainty is being achieved so we can show the FSA."
A questionnaire is to be sent out next week. Biba aims to gather results by the end of May ahead of the FSA's June review of market contract certainty.
Staddon told Insurance Times the survey would question how many policies brokers had renewed or incepted in the first quarter and how many had achieved contract certainty.
"We will also want to know how many policies were issued by the insurers in the recommended timeframe, and what percentage of those policies were wrong," he added.
"I think we have got over the major problems and we are achieving contract certainty. The problem is that we are not recording it."
The FSA announced in March it had "put on hold" plans to develop new rules to govern the industry, given the positive feedback from the contract certainty steering group.
Nick Starling, ABI director of insurance, told delegates: "The FSA doesn't have a plan B [on contract certainty]. If there were any new rules developed, it would be very much like the rules we have circulated."
"One thing is certain, if as a result of contract certainty there is any perceivable disadvantage to the customer it will be this industry that picks up the bill," added Richard Flaxman, of consultancy Flaxman Partners.
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