Where we hold a Binding Authority or place a Binding Authority for others and we receive a request from a Client to provide terms for a risk which is acceptable under any of the Binding Authorities, we must not automatically place the business under a Binding Authority but with the Insurer which provides the best terms & conditions for the Insured and not what is most convenient, or produces the best income to PSC.
Upholding the best interests of the Insured, and not PSC, is a key business principle of PSC. However PSC is entitled to only quote business under a Binding Authority provided it clearly discloses to the Client that PSC is not obtaining quotes from the market and is acting as agent of the Insurer under a Binding Authority.
Refer to CO to amend Paragon’s standard TOBA or IDD. We must treat all Insureds fairly, see Paragon’s Policy Statement regarding TCF on the I drive under Compliance. Also see Section 3.1.12 regarding limited markets. To be updated by GG
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