CII 960 Practice Questions - CII 960 - Advanced Underwriting Exam

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In UK commercial insurance, how is 'delegated underwriting authority' formally structured between an insurer and a Managing General Agent (MGA)?

Through a legally binding Binding Authority Contract (BAC) or Delegated Authority Agreement specifying scope, limits, and guidelines. Through an informal verbal agreement reviewed annually during underwriting audits. Through a standard reinsurance treaty agreement filed with the Lloyd's Franchise Board. Through an exclusive distribution contract governed solely by FCA Consumer Duty guidance.

Correct Answer:

Through a legally binding Binding Authority Contract (BAC) or Delegated Authority Agreement specifying scope, limits, and guidelines.

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