Types of Commercial Insurance Brokers ? FSA and BIBA

Types of Commercial Insurance Brokers ?

A commercial insurance broker deals in different varieties of commercial insurance and sells them to commercial customers including small businesses, home businesses, mid size offices and large corporations. Brokers work in small agencies that are licensed and regulated by the Financial Services Authority (FSA).

Commercial insurance brokers deal with many insurance firms and provide their clients with a wide range of choices for insurance packages, discounts, prices and service. This makes working with brokers convenient for customers. Commercial insurance brokers are regulated by the FSA and are members of BIBA (the British Insurance Brokers’ Association).

FSA and BIBA: The Financial Services Authority (FSA) is an independent, non-governmental body that was given wide ranging powers according to the Financial Services and Markets Act 2000. The FSA regulates most financial services, markets and firms. It even has the authority to take action against firms that fail to comply with the standards set by FSA.
BIBA: The British Insurance Brokers’ Association (BIBA) is an organization that represents the interests of insurance brokers, intermediaries and customers. BIBA has partner members from the leading companies in the insurance industry. The members handle more than three quarters of UK’s industrial, commercial and consumer insurance business. BIBA also provides training, schemes, facilities, technical advice and regulation guidance.