The Institute of Insurance Brokers (IIB) will launch its own regulatory division now it has successfully stopped compulsory membership of the General Insurance Standards Council (GISC).

IIB director general Andrew Paddick said the division would be for "professional insurance broking practices" only, cutting out tied agents, direct writers and non-professional insurance sales outlets.

"It will operate under similar, but enhanced, lines to those of the Insurance Brokers' Registration Council (IBRC)," he said.

The IIB will write to all insurance brokerages in the coming days with an invitation to join the "redefined" IIB.