The Institute of Insurance Brokers (IIB) is to publish status reports on wholesale insurance schemes and facilities, announced its director general Andrew Paddick.
The move comes a month after the collapse of underwriting agency Tribune Risk and Insurance Services, which left up to 40,000 policyholders without household cover.
In a letter to all insurance broking practices, Paddick said: "Unfortunately, almost every year during the last few decades, a number of insurance schemes and facilities offered by wholesalers have failed to provide indemnity, or the cover anticipated, often leaving policyholders completely unprotected."
He said brokers were not thorough enough when checking the credentials of wholesalers, although in many cases proper checks were beyond the resources of the broker.
The new IIB Insurance Wholesale Status Report service is designed to offer information on insurance schemes and facilities offered in the UK market by wholesale intermediaries.
Those firms declining to cooperate and permit full independent on-site audits, documentation checks, and supply references from their insurers will be listed as `declined to cooperate'.
The IIB said the new service was designed to act in the same way as solvency reports issued by international agencies about authorised insurance companies, but the service will also review the terms and conditions of the products on offer.
The service will be free for IIB members, with a small annual fee for non-members.
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