The last forum for MDA providers covered the increasingly difficult professional indemnity (PI) renewals.
The sesion aimed to demonstrate a strong narrative to PI insurers to ensure they get the most advantageous terms. Being able to differentiate your operating model from high risk operations can make a significant impact on the PI terms available to you. With the ASIC MDA Class Order becoming effective 1 October 2017, insurers will be considering the potential for any significant changes to how these businesses will operate and whether there are consequences for PI insurance.
Key issues covered:
- breach reporting obligations are triggered (caution: over volunteer v head in the sand)
- systemic issues are evident
- ASIC seeks rectification
- new activities require a strong narrative
- you need to take insurers on your managed accounts (IMA, SMA or MDA) journey
- how well your risk is presented can make all the difference
- the impact of any claim/incident history can be mitigated by improved risk management
Insight and expert commentary was provided by financial services legal specialist Cain Jackson of Wotton + Kearney and PI insurance specialists Mike Herron
Click here for a copy of the presentation