Brokers

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Insurance agents and brokers

For information regarding the distinction between insurance brokers and other types of agents, such as managing agents, together with guidance on the role of a Lloyd’s broker and the differences between producing and placing brokers, see Practice Note: Insurance agents and brokers.

The contractual relationship between a broker and managing agents should be documented by means of a signed Terms of Business (TOBA) agreement. See the following Precedent and drafting notes: Terms of Business Agreement (TOBA)—insurer and managing agent/broker.

Functions and duties of insurance brokers

The primary function

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Latest Insurance & Reinsurance News

Motor insurance to face shake-up from driverless cars

Law360, London: The personal motor insurance market could undergo a huge shakeup in the next ten years if autonomous vehicles become commonplace in the UK, analysts said on 1 September 2025.

New fraud law crackdown will take years, lawyers warn

Law360, London: Anti-fraud enforcement agencies will soon fire the starting gun on major reforms that will hold companies criminally liable for fraud—but the race to court will be slow, and it will take years before prosecutors can claim success, lawyers say.

Cyber-insurance seen as big growth area for UK SMEs

Law360, London: Brokers in the UK see cyber-insurance as the product with the greatest potential for growth as large numbers of smaller businesses do not have cover against online threats, polling by a data and analytics company shows.

FCA urged to intervene on 'novel length' insurance documents

Law360, London: Insurers are still sending policy documents to customers that are equivalent in length to short novels by Kafka and Steinbeck, Fairer Finance has warned, despite new regulation geared toward making financial services products more intelligible.

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