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LONDONThe Contract Certainty Steering Committee has published a new code of practice which brings together all guidance on the subject issued over the last two years.
The code is designed to ensure policies continue to be fully agreed prior to coverage becoming active. It has been welcomed by the Financial Services Authority, and endorsed by the Association of British Insurers, Lloyd's of London, and the Association of Insurance and Risk Managers, among other industry bodies.
The CCSC is a cross-market group of chief executive officers, and includes representatives from the Market Reform Group, the London Market Insurance Brokers' Committee, AIRMIC and the non-subscription market.
Dane Douetil, chairman of the CCSC and the Market Reform Group, as well as chief executive of London-based Brit Insurance Holdings P.L.C., said that the code comes as the next stage of the drive to embed contract certainty in the U.K. insurance industry, which will be of ultimate benefit to the customer.
"Following the industry's success in meeting the FSA's challenge to materially achieve contract certainty by the end of 2006, the market continues to make excellent progress and is successfully embedding contract certainty in its day-to-day operations. The code marks the next phase of that work. Developed following industry-wide consultation, it builds on the lessons of the last two years, creating an easy-to-follow guide to best practice," he said in a statement.