REG is a web-based regulatory compliance due diligence platform for insurance market participants. REG streamlines Broker/Agency Management processes by:
However these are only some of the functionalities that REG provides. The principal benefits for Members include, inter alia:
REG is designed for any and all insurance market participants, from large Insurers and Wholesale Brokers that have many thousands of producing Broker and Sub-Broker relationships to the small Broker or Sole-Trader that does not have any Sub-Brokers. REG caters to both Lloyd’s and non-Lloyd’s Markets, providing distinct benefits for:
For ease of use of the REG Platform, REG categorises its Members, services and benefits broadly into “REG for Markets” (TOBA issuers) and “REG for Producers” (TOBA recipients).
Insurance Companies and Lloyd’s Managing Agents/Lloyd’s Syndicates are “Markets” only, in that they underwrite the risks sourced by their producing Brokers, and do not act as “Producers” themselves. On the other hand, Brokers that do not issue TOBAs are “Producers” only, in that they do not have any Sub-Brokers – in other words they never act as a “Market”. For the purposes of REG, Wholesale Brokers and Managing General Agents, however, can be considered to be both “Producers” (for the Insurance Companies they source risks for) and “Markets” (for the Brokers and Sub-Brokers that bring them business).
If you are a TOBA issuer (a “Market”), REG saves your business considerable amounts of time and cost and provides a robust system to mitigate regulatory and financial risks. It also eliminates the complexities of maintaining paper records (full REG audit trail) and performing manual due diligence checks as part of your Broker/Agency Management processes. In Q3 2015 the FCA is expected to issue new Client Money Rules that will require all TOBAs between intermediaries to be updated. With REG this process would take a few hours to a few days, versus weeks or even months using traditional systems and processes. If you are a TOBA recipient (a “Producer”) REG allows you to place all your key compliance documentation online only once in order to serve all your Markets. Being an “Active” REG Member lets your Markets know that you have passed all standard compliance checks and are cleared to do business according to industry standards. TOBAs can be exchanged online in just a few clicks and compliance departments can grant business approval in hours instead of weeks or months. This leads to greater efficiencies for all parties and accelerates revenue recognition. Note that if you are not a TOBA issuer yourself, or if you are a “Market” (as well as a “Producer”) and choose not to upgrade to REG Alerts™, REG is 100% free to join and to use.
Our experience would suggest that your existing processes are unlikely to be able to do what REG does with the same cost and efficiency. REG can demonstrate its fees are generally no more than one fifth of industry standard costs associated with equal tasks in Broker/Agency Management. REG is designed to complement existing compliance processes, not substitute them. Many of our Members have stated that the compliance resources they have been able to save by using REG have been put to better use at managing additional compliance requirements and further de-risking their businesses. For more information on how REG can assist you please contact us.
REG Alerts™ provides TOBA issuing Members (“Markets”) with real time due diligence checks on their existing Brokers/Producers, irrespective of whether those Brokers/Producers are REG Members or not. Members upload a list of their existing Brokers to their REG Accounts and, once activated, REG Alerts™ sends instant email notifications should any of the following events occur:
Simply put, REG Alerts™ is a robust compliance tool that minimises the need for lengthy Annual Broker Reviews, keeps Broker databases updated and current automatically, and significantly reduces the risk of regulatory failure and FCA fines by informing you as soon as a Broker poses a regulatory and/or financial risk to your Business. Moreover it is fast and easy to activate and the first 30 days are totally free. In addition, you can upload your existing TOBAs on the Platform in order to concentrate all of your Brokers’ information in one place.
On the “My Producers” tab of your REG Account upload a .csv file listing the FCA numbers (FRNs) of all of your Brokers/Producers. Once you have accepted the conditions of the free trial, REG will instantly activate REG Alerts™ in relation to all Brokers/Producers listed. If you require help with activating REG Alerts™ please do not hesitate to contact us.
No. REG has an extensive database of all FCA authorised UK insurance market participants. We are connected to the most reliable providers of financial and regulatory data in the UK and can obtain and republish this information for all insurance intermediaries regardless of whether or not they have registered and become a REG Member.
REG Alerts+™ is activated automatically and at no extra charge when you “Connect” with another REG Member (a Broker/Producer) on REG. REG Alerts+™ provides all the benefits of the REG Alerts™ service as well as the following:
If you have previously uploaded a list of your Producers to REG (and activated REG Alerts™), your Brokers will be asked to accept a Connection with you as soon as they register and join REG (new REG Members) or as soon as they login to their REG Account (if they are existing REG Members). In both cases you will be notified that a Connection with your Broker has been established on REG. You will then be able to re-issue TOBAs as and when necessary. However, you can also search for and Connect with new Brokers with whom you do not have an existing business relationship outside of REG, by sending them an Invitation to Connect on REG. The invitation you send will include your TOBA, which the Broker/Producer will have to accept (digitally sign) in order to connect with you on REG.
The FCA is aware of the burden of regulation on the process of Broker/Agency Management and welcomes technologically based solutions to alleviate that burden. REG has kept the FCA and Lloyd’s fully informed of its evolution and functionalities and they are satisfied that REG is considered a tool (and not a substitute) for regulatory compliance in Broker/Agency Management (a statement that figures prominently on the REG Website and in REG Ts&Cs). REG is confident that it meets industry standard guidance as a tool for regulatory compliance in Broker/ Agency Management.
Yes. REG is 100% free to join for everyone. There is no charge to register and become a REG Member.
REG only charges “Markets” that have explicitly chosen to upgrade their membership to REG Alerts™ or REG Alerts+™ in order to Monitor and Connect with their Sub-Broker counterparties. REG only ever charges TOBA issuing counterparties in their capacity as a “Market”. REG does not charge TOBA recipients for use of the REG Platform. The only exception to this is if these Members are also TOBA issuers themselves and choose to connect with Brokers on REG (activate REG Alerts™ or REG Alerts+™). For example Wholesale Brokers can act as both a “Producer” (TOBA recipient in respect of its Markets) and a “Market” (TOBA Issuer in respect of its Sub-Brokers).
Yes. REG offers a free 30 day trial for all Members, starting from the date of activation of REG Alerts™ and/or REG Alerts+™. You will be able to monitor all your Broker relationships and exchange TOBAs online at no charge. There is no obligation to continue using REG at the end of the free period and the services can be cancelled at any time. Simply contact the REG team at [email protected] and we will process your request. REG is free at all times for those Members that are not TOBA issuers.
Only REG Alerts™ and/or REG Alerts+™ services are free during this time. Additional services such as requesting Full Credit Reports will be charged.
There is NO CHARGE for Producers to register and accept TOBAs from their Markets on REG. If a Market chooses, after the free trial period, to continue using REG (and most of our clients do) REG standard pricing will apply for REG Alerts and REG Alerts+. The first TOBA exchanged on REG by any Market with any Producer is free of charge. Thereafter, every new TOBA or TOBA Addendum exchanged or substituted will incur a £10 charge (payable by “Markets” only per Broker Connection).
Click here to register. Registration is free and only takes 5 minutes.
We ask all Companies that join REG to provide basic company information, company contact information and create a username and password with which to access their REG Accounts. In addition we ask Markets to provide details on their TOBA terms (whether or not they permit Risk Transfer/Cascading Risk Transfer, whether commission drawdown occurs on payment or on receipt etc…) and ask Producers to upload a copy of their Professional Indemnity Insurance Certificate. Producers will also need to confirm that they have read, understood and comply with basic compliance terms set out in our REG standardised Anti Bribery, Financial Crime, Sanctions, Business Continuity/Disaster Recovery and Treating Customers Fairly Statements.
Markets are required to have a copy (first-layer only) of the PII Certificate of their Producers. In your case, you place it on-line ONCE with REG and it can serve for all of your Markets.
Certainly. Please send us a scanned copy of your PII certificate to [email protected] and we will upload it to your REG Account.
REG will perform a number of checks on your Company and confirm the details you provided upon registration before activating your account. Also, if you were asked to provide your PII Certificate, REG will not be able to change your account status to “Active” until this has been uploaded and the validity has been verified by REG. Once all checks have been performed REG will change your account status to “Active”. You will be notified of this, after which you will be able to login to your Account and benefit from the full functionalities of REG.
Ask them to visit REG and inform them that registration is fast and 100% free. If they are already REG Members you can simply issue them with an Invitation to Connect on REG, directly from your REG Account. They will receive a notification that a new TOBA is pending their acceptance.
This has not been a problem for our current Members. Once Producers understand that it takes only 5 minutes to register and costs them nothing, virtually all have agreed to join REG.
With a full onboarding programme supported by both REG and the Market, we estimate that a minimum of 300+ Brokers/month can be successfully brought onto REG. We have successfully completed a number of onboarding programmes for our Clients and are confident that we can work with you to find a solution tailor made for your business. For more information on this, please contact us at [email protected]
Although we have access to over 230 international regulatory regimes and markets, not all are as easy to access and to verify as are the ones applicable to the UK. Nevertheless, PII certificate validation, Broker self-certifications, sanctions searches and the ability to exchange TOBAs on-line are available in all markets. Call us on +44 (0) 203 794 4404 or write to us at [email protected] for a quote for your international Brokers.
Many Markets are using the REG platform to issue TOBAs to their Brokers and carry out regulatory and financial checks that are a lot quicker and cost effective for them. Some Markets have stated that they will not continue to trade with Producers if they don’t register with REG. Eventually, we expect that all market participants will embrace this digital, rather than manual process for regulatory compliance in Broker/Agency Management.
Simply tell them about REG at your next meeting and inform them that they can perform all standard due diligence checks on you and manage Broker/Agency processes quickly and efficiently online. This is particularly helpful when establishing new Market relationships, as with REG, compliance departments will be able to significantly reduce the amount of time required to approve you for business. You are also able to issue email invites directly from your REG Account, regardless of whether your Market is a REG Member.
A Broker can respond to a TOBA invitation by “rejecting” the TOBA and suggesting the change in the accompanying dialogue box. After changes have been effected a new TOBA can be issued.
There are no limits to the numbers and variations of TOBAs that can be uploaded and exchanged on-line through REG.
Save time, cost and money. No more printing, posting, manual signing and scanning. The platform will automatically time, stamp and date the TOBAs with an electronic signature and capture a full audit trail. Also, when you send a TOBA via REG, we do the follow-up to ensure that it gets read, accepted, signed and “returned”. It can be argued that the money and time saved in printing and/or scanning and postage costs alone can justify the annual cost of managing a Broker relationship online with REG.
REG is currently working with Lloyd’s and a number of Lloyd’s Managing Agents to develop the functionality that we intend to deliver in due course.
The alerts you are receiving are in relation to the Markets and/or Producers you have Connected with on REG. You have the ability to suspend certain alerts if you no longer want to receive them anymore. You can do this by signing in to your REG account and clicking on the “My Account” menu item.
All REG reports are exportable as .csv files. This includes the comprehensive list of your Markets and/or Producers that REG will keep up to date and current since it receives real-time data feeds from the FCA and Companies House.
REG employs the latest most advanced technology and security software for its Platform and has multiple back-ups and protections for the information it collects and stores. Moreover it regularly undergoes breach tests to ensure that Member data is stored safely and securely and not vulnerable to malicious attacks.
REG is supported by the considerable financial resources of its shareholders, Londongate Investment & Management Ltd., Boston Capital Management (UK) Ltd., Disruptive Capital Investments Ltd., and by its founder and CEO, Michael Phair.
Simply contact us at [email protected] To avoid unauthorised cancellation, we may require a written confirmation from the Member.
We are in the process of evaluating and implementing a specific Lloyd’s Coverholder functionality and as REG migrates from an on-line compliance tool to a network platform, you can expect further products and functionalities. We greatly appreciate feedback and comments on our current product as well as suggestions for future developments from our Members. There is always room for improvement so please don’t hesitate to contact us.
From time to time we release new functionalities which can be either:
Your Account Manager will always communicate these changes to you and whether or not there will be charges over and above your existing charges.
Broker Management services can be optionally enabled on your REG Account to help you better manage your Broker relationships. Broker Management tools include:
Broker Management is an optional service. To activate Broker Management services, or for additional information (including special pricing), please contact your Account Manager on 0203 946 2880, or send an email to [email protected]
All data which has been input during your free trial will no longer be available for you to view if you choose not to proceed. The data however will be stored and can be reactivated if you decide to opt in for the service at a later date. BM can be activated on your account at any time.
All data which has been input during your free trial will no longer be available for you to view if you choose not to proceed. The data however will be stored and can be reactivated if you decide to opt in for the service at a later date. BM can be activated on your account at any time.If a connection is ended, that data will be stored and be available in Read Only format on the Ended Connections tab of your REG Account. No changes or additions to this data will be allowed. If the connection is then restored at a later date (Producer uploaded), the saved data will be fully restored and become editable again.