The additional information requested in a newsletter also available on the FSB website will help the Chancellery to monitor compliance with Rule 7.3 of the PPR and to manage unregistered insurance transactions that followed the termination of a file contract and the resulting unilateral lifting of policies. If the insurer or the UMA wishes to terminate a file but the insurer wishes to keep the transaction, the FSCA must be given details of how the transaction is managed in the absence of the holder of the file. The new PPR and Binder rules are the CSS`s way to ensure that everyone has a fair agreement, and all members of the industry are ready to work towards this goal. Binder agreements are agreements in which a registered short-term insurer allows a third party, on behalf of that short-term insurer, to perform one or more of the following conditions: binder holders are required to modify their systems so that insurers have access to up-to-date information at all times, accurate and complete. Therefore, instead of pushing the file holder`s data, an insurer must inform the registrant of the proposed record agreement at least 30 days before the conclusion. This stifles the process a bit, as it means you can only conclude a case agreement 30 days after notification from the regulator. And in this communication, the CSS wants to see how the fees are compiled. So you can`t just say, « I`m giving the capped fee because it`s the cap The fee still needs to be developed to make sure that even if you pay the cap, it`s still fair and reasonable. As insurers, we also need to motivate ourselves to be satisfied with due diligence.
At some point, there will likely need to be a key person within the insurance company, or certainly the person in charge of the files, who will have to sign a confirmation to the FSB that he or she is sure that the case holder can do the job. If you develop or create the intellectual property as part of the file agreement (for example.B. if you have written the policy text), developed trademarks (registered or unregistered) or invested in customer transaction portals or unique risk management initiatives, the term « binder » should be: the rules are very clear: the insurer must at least be a signatory – so it could be a tripartite agreement between the insurer, manager and final broker, but there must be an agreement between the insurer and the final broker….