Throwback Thursday: Brokers must declare links
Insurance Post’s Throwback Thursday steps back in time to April 1976 to remind you what was going on this week in insurance history when rules required brokers to declare their links to insurers.
15 April 1976: New regulations for insurance intermediaries
New rules were published that required insurance intermediaries to disclose any links they may have with the insurers whose policies they recommended.
The regulations, which would come into effect in October 1976, applied to both long term and general insurance business.
Disclosure was required in writing when an invitation was made to enter into a contract of insurance subject to certain exceptions.
These rules were eventually superseded and integrated into more comprehensive regulatory regimes over the following decades, particularly under the umbrella of the Financial Services Authority and, more recently, the Financial Conduct Authority.
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