MDA Providers Forum - Putting your best foot forward

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

Insurance considerations

-          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

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