Lloyd’s of London has warned that in 2019, insurance brokers who fail to comply with its digitalisation requirements risk being deregistered. The Financial Conduct Authority (FCA) said it was concerned about the risks posed by a lack of clarity around how insurers should be regulated and whether they were able to meet their obligations under EU law. Brokers will be required to connect to such a platform by June 2019.
Lloyd’s of London has warned that in 2019, insurance brokers who fail to comply with its digitalisation requirements risk being deregistered. The company announced that from Q1 2019, syndicates must have at least 40% of their risks written via a recognised electronic placement platform, and this will rise to 50% in Q2. Brokers will be required to connect to such a platform by June 2019.