TT Talk - A Success for Lobbying

  • Date: 24/11/2006
  • Source: TT Talk 92

The following article is taken from ForwarderLaw, the website edited by Peter Jones of Toronto, Canada. FSA insurance regulation. This move will decrease regulation on the industry and help promote its international competitiveness. The press release described the move as a practical example of the Government's pragmatic and risk-based approach to better regulation.....

"Regulators come to their senses!"

The practice of providing cargo insurance to shippers by extension of an open marine cargo insurance policy taken out by a forwarder is world wide. The standard trading conditions promulgated by national forwarding associations all contain provisions that address the responsibility of the forwarder to provide this service to shippers. Forwarders provide this service professionally, as they obtain the assistance of an insurance broker who specializes in marine cargo insurance. It is a commercial arrangement that works!

The forwarding industry in the United Kingdom was the target of an over zealous initiative on the part of the European Commission directed at intermediaries who provide insurance to members of the public, a process known as Insurance Mediation. About twelve months ago it looked as if the UK industry had lost a three year plus battle to get the regulatory program changed to allow forwarders to continue to offer this benefit to shippers in the United Kingdom. At first, this exemption was refused, but experience showed that the new regulations were so cumbersome and costly that many small and medium size forwarders withdrew from providing this service.

After the initial setback, the BIFA [British International Freight Association] campaign against the directive continued, involving meetings and discussions with Government Ministers, Members of Parliament and the United Kingdom Treasury Board, backed up by an extensive letter writing by members.

It now appears that an exemption in favour of forwarders will become the law. In a Press Release dated October 16 last, the Economic Secretary to the Treasury, Ed Balls, announced that freight forwarders will be removed from the scope of

BIFA credits Ron Willis, a former President, as having successfully spearheaded this campaign" [ably supported by Colin Beaumont, the present Director General, Ed).

For the full article, see

Through Transport Mutual Insurance Association Limited and TT Club Mutual Insurance Limited, trading as the TT Club. TT Club Mutual Insurance Limited, registered in the UK (Company number: 02657093) is authorised by the Prudential Regulation Authority and regulated in the UK by the Financial Conduct Authority and Prudential Regulation Authority. In Hong Kong, TT Club Mutual Insurance Limited is authorised and regulated by the Hong Kong Insurance Authority, in Singapore by the Monetary Authority of Singapore and in Australia by the Australian Prudential Regulation Authority. In the United States, TT Club Mutual Insurance Limited is approved as a surplus lines insurer in all states and is accessible through properly licensed surplus lines brokers. The registered offices are: 90 Fenchurch Street, London, EC3M 4ST.

Through Transport Mutual Insurance Association Limited, registered in Bermuda (Company number: 1750) is authorised and regulated in Bermuda by the Bermuda Monetary Authority. 

The UK VAT Identification number for Through Transport Mutual Insurance Association Limited is: GB 564 5244 35 and for TT Club Mutual Insurance Limited is: GB 564 3375 30. The Italian VAT Identification number for TT Club Mutual Ltd is: 03627210101.

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