LIIBA (London & International Insurance Brokers' Association)

From 2018, Lloyd's sets quarterly targets for risks placed through the electronic platform, and it is the brokers who enter the risk, open the file and chase the followers. The change costs them first, and LIIBA is how they say so. The association brings together the brokers who place in London, at Lloyd's and in the company market, from the large groups to wholesale specialists. Across from it sit the LMA, which speaks for managing agents, the IUA, which speaks for the companies, and the Corporation of Lloyd's, and it sits with them in the London Market Group. Its files are those of the trade seen from the broker side: the drafting of market contracts and data standards, the delegated authority rules that weigh on brokers acting as coverholders, the timetable and cost of modernization projects, access to foreign markets and the handling of premium funds in transit. Before the FCA, it also argues how a wholesale broker, who never sees the end insured, should apply conduct rules designed for retail sales. The interests of broker and underwriter meet on the speed and cost of placing. They diverge on who pays for change and who holds the data, and that is where LIIBA carries weight, because a standard that brokers do not enter stays a dead letter. Not to be confused with the Lloyd's accredited broker, an individual status granted by the Corporation, nor with the Lloyd's Market Association, which argues the other side of the table.