The FSA issued their policy statement in response to their consultation paper on Wednesday 28th March and confirmed that the additional data requirements, including ERNs, must be in place for all policies by 1st April 2013. At Hiscox we are keen to make things easy for you to achieve this and have made some changes to help you.
How we’re helping you
Outstanding information report changes – our report for brokers now includes new ELTO items to help keep track of what you still need to send
EL certificate changes – subsidiary names are now individually listed on the certificate to improve clarity
ELTO data playback document – ALL NEW – along with the EL certificate, you will now receive a summary of the data we hold – this can be passed to your client which will help ensure data quality
What you should do next
Ensure that you include the additional ELTO details on any new policy or renewal. Simply use one of the following methods to inform us about your clients' outstanding details:
In addition to developments regarding ELTO we have also made some changes to our quote and policy schedules to make things clearer to you and our mutual clients. To ensure the identity of the insurer for each section of cover is clear, we have introduced a new field.
We also have a new section at the end of the schedule called ‘Information about us’ which explains the relationship between the underwriting entity and the insurers. It also outlines relevant FSA and Companies House information for each.