AXA has confirmed it is to offer credit risk transfer to brokers in their new terms of business agreements.
Head of broker development Colin Calder said: “We are working the ABI, Biba and IIB and through them we are trying to ensure there is a common understanding and resolution to the issue.
“AXA has already outlined its position to the ABI, and that is that we will accept risk transfer under our terms of business agreements.”
But Calder told Insurance Times last week: “The further period of consultation will ensure that rules for brokers and insurers are aligned.
“The issues sitting behind the processes, such as how to hold client money, will need to be reviewed.”
