BIBA: ignore letter from Indie regulators
The British Insurance Brokers Association is advising brokers to ignore a letter being sent out by In...
The British Insurance Brokers Association is advising brokers to ignore a letter being sent out by Independent's provisional liquidators. This letter asks 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. It recommends brokers resist the liquidators' requests until, if ever, the liquidators
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