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Brokers - your quick broker risk assessment

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Ensure you have the foundations in place to manage your risk and protect your commercial interests. At a glance, if you have any boxes unticked then you need to take action.

* This is not an exhaustive list and should not be taken as formal legal advice. For a full assessment of your legal risks please contact Browne Jacobson LLP. © Browne Jacobson LLP – May 2017

Following the Insurance Act 2015 and the Enterprise Act 2016 coming into force, together with increasingly robust regulation, there has never been more focus on the advisory role of a broker. Whether you are growing, re-financing or selling your business, you need to ensure you protect your commercial interests, whilst navigating through the increasingly complex regulatory landscape.

Visit our hub to access information and resources tailored to brokers or, better still, talk to one of our insurance lawyers today.


Visit our hub to access information and resources tailored to brokers: www.brownejacobson.com/brokers

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Brokers - your quick broker risk assessment

  1. 1. www.brownejacobson.com/brokers 0370 270 6000
  2. 2. there has never been more focus on the advisory role of a broker It’s important that you understand what these legal developments mean for you, your people and your business. We can help you align with best practices and embed clear security standards to provide enhanced protection for your clients. talk to us... * This is not an exhaustive list and should not be taken as formal legal advice. For a full assessment of your legal risks please contact Browne Jacobson LLP. © Browne Jacobson LLP – May 2017 Ensure you have the foundations in place to manage your risk and protect your commercial interests. At a glance, if you have any boxes unticked then you need to take action. Visit our hub, to access information and resources tailored to brokers or, better still, talk to one of our insurance lawyers today. Your quick broker risk assessment* Enterprise Act 2016 99Hear how the market is responding – read our latest report here. 99Update your standard advices. 99Train your people on the new provisions of the Act. The checklist Did you know from May 2017, insurers may be liable for damages if they fail to pay claims within a reasonable period of time? All brokers should be familiar with this new legislation to continue providing sound advice to clients and to protect their interests. Insurance Act 2015 99Understand the different approaches that are being taken by key markets. 99Update standard documentation. 99Implement training for all client-facing staff - why not use our interactive online learning tool? 99Introduce procedures for claims staff. We are now in a new regime which brings many positive changes. The Act requires policyholders to consider and present their risk in a different way – this is known as ‘fair presentation’. Have you trained your staff and reviewed and amended your standard documentation to reflect the provisions of the Act? General Data Protection Regulation (GDPR) 99Bring together a project team, including a Data Protection Officer. 99Undertake a Data Protection Impact Assessment. 99Document your security policy with ‘appropriate safeguards’. 99Build a workforce who understand their privacy duties. The checklist The checklist Tim Johnson t: +44 (0)115 976 6557 e: tim.johnson@brownejacobson.com From May 2018, the General Data Protection Regulation will introduce increased controls on your use of client data. Are you clear on what is defined as ‘data’ within your business and how it must be dealt with? Are your policies robust and up to date? Breaches will be dealt with by the ICO and in some cases the FCA, potentially resulting in regulatory sanctions.

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