GISC was on the verge of accepting failed underwriting agency Tribune Risk & Insurance Services this summer. But the agency failed to follow up its application, according to a source close to the GISC board.
GISC was on the verge accepting failed underwriting agency Tribune Risk & Insurance Services this summer. But the agency failed to follow up its application, according to a source close to the GISC board.
Tribune was placed into liquidation yesterday after it failed to pass on 40,000 household premiums to insurers.
A senior industry source revealed that Tribune approached GISC in summer last year and despite early misgivings was in line for membership.
The application happened during a three-month period when Tribune was reportedly trying to get more involved in the broker market, including attending last year's Biba conference.
Since then an FSA investigation has revealed the underwriting agent, working through more than 3,000 intermediaries, was not passing premiums on to insurers.
PricewaterhouseCoopers has been appointed provisional liquidator.
GISC refused to comment.
