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Discuss the potential implications of the issues

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Reference no: EM133046978

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You are the Underwriting Manager for a UK-based general insurer. The insurer has a number of delegated underwriting authorities with a range of coverholders. Just over a year ago the insurer entered into a delegated underwriting authority with a new coverholder, an insurance broker. An number of issues have been raised in the insurer's first annual audit report on this delegated underwriting authority. These issues include the following:

  • A lack of accurate data on the monthly bordereaux.
  • A significant number of policyholder complaints relating to lateness in supplying policy documentation and details of cover.
  • A number of breaches of the underwriting authority terms and conditions, including premium discounts applied in excess of the underwriting authority.
  • A poorer than anticipated claims experience.
  • Risks bound by non-authorised insurance broking staff. The Board of the insurer has asked you for your comments on these issues.

(a) Discuss the potential implications of the issues raised in the audit report for the insurer, coverholder and policyholders.

(b) Explain four significant actions the insurer could take to address the issues raised in the audit report.

Reference no: EM133046978

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