Market Organisations Flashcards
ABI
Association of British Insurers- largest market organisation which aims to be the voice of the UK insurance industry and represent the industry to the gov/regulators.
IUA
International UW Association of London - formed as a result of the ILU and LIRMA merging. Aims to protect and strengthen the business environment for it’s members.
BIBA
British Insurance Brokers Association - major statutory trade association for intermediaries. Aims to maintain and improve high standards of business behaviour.
LMRC
London Market Regional Committee - was orginally the LMBC and then became LMRC. Aims to maintain a lobbying role and represent the sector to gov, regulators etc. Works closely with LIIBA.
LIIBA
London and International Insurance Brokers Association - indepdendent trade body representing the interests of insurance and reinsurance brokers operating in London. It’s mission is for London to remain where the world wants to do business.
LMA
Lloyds Market Association - provides representation, information and technical services to UW businesses (managing agents) in the Lloyds market. Key partners are LIIBA, LMRC and IUA. LMA’s purpose is to identify and resolve issues which are of interest to the Lloyds UW committee.
MGAA
Managing General Agents Association - formed to ensure better industry understanding of what an MGA is.
CII
Chartered Insurance Institute - forefront of insurance education and professionalism, ensures members are equipt with knowledge to peform their roles.
CILA
Chartered Institute of Loss Adjusters - set up under Royal Charter and encorporates individual LA’s rather than firms.
IFOA
Institute and Faculty of Actuaries - UK’s only chartered body dedicated to actuaries.
IRM
Institute of Risk Managers - formed in order to meet demand for a diploma course in risk management.
AIRMIC
Association of Insurance and Risk Managers in Industry and Commerce - members include company secretaries, finance directors and risk managers. Promotes the interests of corporate insurance buyers and those involved in risk management and insurance.
MIB
Motor Insurers’ Bureau - established as a private company limited by gurantee. Purpose was to enter into agreements with the gov to compensate the victims of negligent drivers - supports the principle that victims shouldn’t be left without compensation.
What 2 agreements does the MIB have with the gov?
- Untraced drivers agreement
- Uninsured drivers agreement
What act does the MIB’s obligations link to?
Road Traffic Act
What is the role of the MIB’s green card section?
To identify and correspond with overseas motor insurers regarding claims involving UK nationals.
How is the MIB financed?
Levy (i.e. tax) on authorised UK motor insurers
UKIC
UK Information Centre - established in relation to the MIB to try and reduce number of uninsured drivers in the UK. The Fourth EU Motor Directive made it a requirement to be able to identify insurance details from a vehicles reg which created the need to develop a database to store the data.
