BIBA advises brokers to ignore creditor letter.
The British Insurance Brokers Association has advised brokers to ignore a letter sent out by Independ...
The British Insurance Brokers Association has advised brokers to ignore a letter sent out by Independent's provisional liquidators asking for payment of premiums gross, suggesting brokers become unsecured creditors in respect of their commission.BIBA argues that the well-established market practice is for brokers to pay net and that there is no legal precedent for brokers doing otherwise.
BIBA states: "Our advice to members is to follow normal market practice and to pay premiums net. Be
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