The British Insurance Brokers’ Association’s (BIBA) Strategic Review resulted in a series of recommendations being made to strengthen and improve governance and representation for its membership. After extensive consultation, BIBA members voted overwhelmingly in October 2013 for changes to the association’s governance structure which better reflect the way in which insurance intermediaries are segmented.
Five Advisory Boards representing smaller brokers, larger brokers, the international and wholesale market brokers, networks MGAs and others and finally regional chairs were established to connect BIBA at the highest levels with market trends and developments and the most senior stakeholders externally.
Their presence ensures strong representation on the issues that really matter to members and also help steer the thinking of the main BIBA Board and the BIBA Executive.
Each Advisory Board has a chairman and a deputy chairman. The chairman of each Advisory Board has a seat on the main BIBA Board. The Smaller Brokers’ Advisory Board is an exception in that its chairman and deputy chair both take a seat on the BIBA Board in recognition that they represent the majority of members. Full details of the Advisory Boards and the names of all those who serve on them can be found below.
Insurance Brokers’ Standards Committee (IBSC)
The role of the IBSC is to codify and provide guidance in respect of good and reasonable practice for the benefit of BIBA members and others. The IBSC believes it would be of benefit to members to create a living, breathing Good Practice guide creating a standards benchmark. BIBA is calling for the industry to work together in all areas of market practice and produce guidance on standards including, but not limited to; agency law, risk presentation, long term agreements and reporting mandates.