Delegated authority arrangements - what problems can arise for insurers?
Binding authority agreements, where managing general agents and other coverholders are authorised to underwrite on behalf of insurers, have been increasingly popular in recent years as insurers seek more diverse routes to premium income. With this increase in popularity, Andrew Schütte, partner at Keoghs, looks at why it poses a challenge for insurers.
In the heat of a deal, it is easy to overlook the importance of getting a binding authority agreement right. That oversight can be costly – but there are way to avoid an agreement turning into a
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