The British Insurance Brokers' Association met with Independent Insurance's liquidators last Thursday to discuss a number of issues concerning brokers over the insurer's collapse.
The minutes of the minute are reproduced fully in this story.
The British Insurance Brokers' Association met with Independent Insurance's liquidators last Thursday to discuss a number of issues concerning brokers over the insurer's collapse.
The minutes of the meeting are reproduced fully below.
1. INTRODUCTION
A meeting took place in London on 5 July 2001, between the Provisional Liquidators, representatives of the following brokers and BIBA. The purpose was to discuss the main issues raised by brokers which are yet to be resolved following the appointment of PwC on 17 June. The brokers present were:
AON
Marsh
Willis
Jardine Lloyd Thompson
Heath Lambert
HSBC
Those present agreed that notes of the meeting should be given the widest possible circulation in order to assist the broking community and its clients.
The following notes represent the discussions between the Brokers named, Mike Williams of BIBA and Dan Schwarzmann and Jeremy Webb of PwC. Note that PL means the Provisional Liquidators. Further information will be released as soon as it becomes available.
2. CANCELLATION MID-TERM AND LONG-TERM POLICIES
PwC were to despatch letters with cancellation notices / forms on the 6th July. This has been rescheduled to the 9th July.
The effect on policyholders will be:-
2.1 Private Policyholders
A. Where a policy has a cancellation condition, the letter will invoke the same. Where no cancellation condition exists, the policyholder will be invit
