Household and MPPI insurance provider Select & Protect said it supported the IIB's plans for an audited database of wholesale insurers, announced in last week's Insurance Times magazine.
"Many brokers and agents are selling policies without first assessing the viability of their chosen partner, the wholesaler, and who they represent," said Select & Protect chief executive Simon Hood.
"We all have a common duty to ensure we are supported by the backing of a partner who can provide longevity and security over and above short term financial gains."
Hood said the introduction of the IIB's Insurance Wholesaler Status Report service was particularly timely following the collapse of Scottish underwriting agency Tribune Risk and Insurance Services.
"The Tribune story is a timely reminder to agents to look behind the company they are putting their clients into. In fairness this is a time consuming process but forewarned is forearmed and time spent in this research will reap benefits in the future."
