Brokers will hand over Independent Insurance time-on-risk premiums to the failed insurer's liquidator PricewaterhouseCoopers (PWC) under a just-finalised peace deal.
The British Insurance Brokers' Association (Biba) and PWC had been split over the return of premiums and commissions since the collapse of Independent in June last year.
They have now reached a compromise, but the majority of both agency and non-agency brokers, believed to number just over 300, must agree to it by the end of May for it to go ahead.
Under the deal, PWC, on behalf of Independent, will forgo any right to time-off-risk premiums due for post-cancellation periods.
Brokers will settle with Independent the commissions due on return premiums.
Alec Finch of Alec Finch & Co, Peter Brown of Bland Bankart, Nic Hamblin of John Eke & Partners, David Wheatley of Beddis Hobbs and Andrew Sykes of RHG attended the meeting to hammer out final details of the compromise.
Also in attendance were Andrew Paddick of the Institute of Insurance Brokers, Mike Williams and Peter Staddon of Biba, members of the informal creditors' committee, representatives of Independent's run-off company Aurora Corporate Services and PWC liquidators.
