The Compliance team has the responsibility of reviewing all direct Clients (where PSC deals directly with the Insured and not through another broker) to establish which direct Clients are, or are not, acceptable to PSC by way of appropriate due diligence.
However reinsurance of insurance companies and Lloyd’s syndicates is not subject to this rule provided the reinsured is listed on the approved list of Insurers.
PSC can only provide its services to Insureds which are based in the EEA, this applies to retail and wholesale business. Even though it may be necessary to discuss with potential direct Clients the possibility of PSC providing its services before such direct Clients are approved by the Compliance team it is a firm rule that the Compliance team must approve all direct Clients before a quote of any kind, including indications, or a commitment of any kind, including agreement to obtain terms, is made.
PSC’s standard Client TOBA which includes the necessary disclosures must be sent to all potential direct Clients for their acceptance before terms, even if tentative or with subjectivities, are quoted to such clients. All of the above applies even when it is known or suspected that the final policy may be issued to another corporate entity which will then be subject to these rules.
All Client TOBA’s must be in the language of the potential Insured unless they agree in writing (email is OK) to accept this document in English. Direct Clients must renew this agreement at each renewal date of the insurance policies involved.
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