IIB compiles directory of almost 1,000 brokers
The Institute of Insurance Brokers (IIB) is moving closer to publishing status reports on wholesale brokers and schemes providers.
In a letter obtained by Insurance Times, the IIB said that almost one thousand brokers have provided it with names and addresses of the sub-contractors they use to place insurance.
The IIB is now writing to these organisations to request information about the type of products they offer.
The letter said that, from autumn, the IIB website will feature a directory of all firms that wholesale or offer schemes, including a status report on each.
The type of status report will vary according to the level of information provided by each organisation.
According to the letter, a full report will be available where the firm has "agreed to (and paid for) a full independent analysis of its operations, including on-site review".
A partial report will imply that the firm has "provided information only, which was verified as far as possible (at the firm's expense) by way of desk-top analysis, taking up references and checking binding authorities."
Firms that fail to provide any information will be listed as "declined to participate".
The letter said that while the cost of the report will vary from business to business, a medium-sized wholesale operation should expect to pay around £1,500 a year for a full report, or around £500 per year for a partial report.