The wording used on the BAR has been reviewed and amended where appropriate to ensure that it is consistent with the relevant byelaws and requirements. Most of the amendments are minor, however, there are some significant changes that you should note:
Binding authority type
Old wording
Binding authority type:
Full or
Limited
New wording
Restrictions on delegated authority:
No restrictions or
Pre-determined rates and terms only
Please note: In the above change 'pre-determined rates and terms only' includes binding authorities where the coverholder has a rating schedule, basis or guide and all 'prior-submit' business, i.e. where the coverholder is required to send each proposal to the underwriter for agreement.
Registration type options
Old wording
Registration type options
- Provisional registration
- Full registration (only if 100% placed)
- Save as a draft for completion at a later date
New wording
Registration status:
- Placing draft
- Registration (only if 100% placed)
- Working draft (for completion at a later date)
Please note: The order of the registration status options above has also been changed to reflect the lifecycle of a binding authority, i.e. Working Draft; Placing Draft; Registration.
De-register binding authority
Placing drafts (previously Provisional registrations) can now be withdrawn instead of de-registered. In addition a new function has been added to allow you to cancel fully registered binding authorities.
