BIBA agree on Terms of Business Arrangement templates
BIBA have approved a template with the Association of British Insurers which will make it easier to implement agreements between brokers and insurers.
Discussions on standardising templates for Terms of Business Arrangements (TOBAs) took place at the Broker Insurer Forum, an ABI-BIBA group, and an agreement was reached on a generic format which can now be utilised by ABI members when issuing amended TOBAs to their broker partners.
Steve Foulsham, BIBA’s Head of Technical Services said:
“This template can provide a common layout to these arrangements, which will make for easier navigation by brokers – particularly when they are faced with 30 or so different agreements to understand and deal with.”
Allison Andrews, Head of Commercial Distribution at Groupama, and Chair of the Broker Insurer Forum added:
“Whilst the content of the actual TOBA will still rests with individual insurers, this does show that the Broker Insurer Forum is an important vehicle for debate on common insurer/broker issues and demonstrates a positive outcome on an important issue.”
BIBA will continue to work with the ABI and individual insurers on changes to TOBA wordings in an effort to ensure these have BIBA engagement and approval.
Steve Foulsham, BIBA’s Head of Technical Services said:
“This template can provide a common layout to these arrangements, which will make for easier navigation by brokers – particularly when they are faced with 30 or so different agreements to understand and deal with.”
Allison Andrews, Head of Commercial Distribution at Groupama, and Chair of the Broker Insurer Forum added:
“Whilst the content of the actual TOBA will still rests with individual insurers, this does show that the Broker Insurer Forum is an important vehicle for debate on common insurer/broker issues and demonstrates a positive outcome on an important issue.”
BIBA will continue to work with the ABI and individual insurers on changes to TOBA wordings in an effort to ensure these have BIBA engagement and approval.
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