Brokers alarmed by the number of small insurers yet to issue terms of business agreements
Brokers have raised concerns over the number of terms of business agreements (TOBAs) they have received from small insurers and underwriting agencies.
Stuart Alexander compliance manager Dick Tucker said out of approximately 200 agencies, he had seen only 10 TOBAs, with very few received from smaller insurers.
Tucker said he was beginning to become concerned about the issue and would be writing to the insurers concerned asking them about their position on risk transfer.
Argyll Group chairman Kevin Young said his company had also not seen as many TOBAs as he would like, but that he was "not that surprised in reality".
"We have received TOBAs from the major insurers but we haven't got them from the others."
Chambers and Newman director Alan Smith said he had only received TOBAs from about a quarter of the insurers Chambers and Newman dealt with.
Biba chief executive Eric Galbraith said it seemed that some insurers were leaving issuing their TOBAs a bit late. "We would like to see them all done before Christmas," he said.
"If brokers are concerned about the lack of TOBAs they should chase them up with insurers or contact Biba about the problem."