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Latest Publications

Contract Certainty - How much uncertainty remains?

Abstract:
Probably the biggest challenge of 2006 for both the FSA and the London Market is addressing Contract Certainty.

The definition, which was agreed with the FSA states that "Contract certainty is achieved by the complete and final agreement of all terms (including signed lines) between the insured and insurers before inception." The fundamental error appears to be the choice of inception as a trigger. A better trigger would be when insurers commit to the risk and not the inception date.

A significant proportion of business in the London Market is either never fully placed at inception or not placed on LMP compliant slips. Sometimes the delay is caused because the client's firm order is not received until after inception or the contract is not fully placed…

Publication Date: 01 March 2006

Availability: Please contact Iodem Solutions Limited



Retail and Trade Sectors - Unprepared for new Insurance Regulations

Abstract:
The Financial Services Authority, the Government's super-regulator, has extended insurance regulation to firms which sell or administer general insurance products.

Regulation will not only cover policies like motor and home contents, but will also include consumer products like pet insurance and product warranties (e.g. from cars to double glazing). It is important that businesses understand the implications of the new regime. From 14 January 2005, any breach of the FSA regulations may result in a criminal prosecution and the imposition of a heavy fine.

Publication Date: 16 July 2004

Availability: Please contact Iodem Solutions Limited



Hearing Aid Dispenser AND Insurance Broker

Abstract:
The Financial Services Authority (FSA), the Government's super-regulator, has extended insurance regulation that will have a direct impact upon the day to day business of hearing aid dispensers e.g. if you offer clients extended warranty or all risks insurance, make recommendations about which insurance to take out, etc. you may need to be authorised by the FSA to continue these functions. It is important that dispensers understand the implications of the new regime. From 14 January 2005, any breach of the FSA regulations may result in a criminal prosecution and the imposition of a heavy fine.

Publication Date: 14 July 2004

Availability: Please contact Iodem Solutions Limited

For more information on these publications and others regarding the regulation industry see the Contact Us pages.
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Iodem Solutions
The Regulatory & Compliance Consultancy Specialists

We provides a wide range of compliance, advisory and regulatory consulting services which address issues arising from the changing environment and regulatory regime. Iodem Solutions is a regulatory and compliance risk management consultancy that focuses primarily on the insurance industry but which also has other regulatory expertise.

Iodem's directors have worked within regulation for 30 years. A compliant company is not necessarily a profitable one and good compliance practice does not guarantee success. However, what we do guarantee is that poor compliance practice will destabilise your business, undermine your client base and ultimately only benefits your competitors. Keeping pace with the changes and implementing the new regulatory requirements is one of the key challenges to any business. The challenge can swallow internal resources and direct attention away from the core functions of a business. We believe that a good compliance environment is an integral part of good business practice and a key factor in maximising your profitability.

Primary broker market & FSA regulation
We provide a wide range of compliance and regulatory consulting services for brokers, including FSA Healthchecks, Appointed Representative reviews, mitigation policies for conflicts of interest and reviews of systems and controls over broker branch offices.
Secondary broker market & FSA regulation
We provide a comprehensive service to all sectors of the secondary insurance market including hearing aid dispensers, the motor trade, air conditioning suppliers, double glazers, caravan dealers, estate agents, surveyors and architects, etc.
Lloyd's and the London Market
Lloyd's managing agents, syndicates, run-off companies, insurance companies.
Coverholder and delegated underwriting services
A comprehensive service to manage your delegated underwriting arrangements including on-site visits.