FCA regulations for Employers' Liability Insurance Policies

Information for all intermediaries acting on behalf of an EL insurer

Intermediaries, such as brokers, managing general agents (MGAs) and delegated authorities (DAs), are a vital connection between the insurer and the insured and therefore play an important role in the success of the Employers' Liability Tracing Office (ELTO).

In February 2011, the Financial Conduct Authority (FCA), formerly the Financial Services Authority (FSA), published new regulations that change the way that insurers and intermediaries record EL policy data.

What does the FCA say should be captured and supplied now?
The FCA's current regulations compel insurers to publish the following information, within three months for:
  • - new and renewed EL policies from 1 April 2011
  • - new and old policies for which claims are made on or after 1 April 2011.

Who should be providing this data to insurers?
This data must be collected and supplied now for all commercial EL policies including those managed by DAs and schemes.

How are insurers collecting and publishing the EL policy data?
Insurers are collecting EL policy data in different ways. Some insurers are happy for intermediaries to adapt existing borderaux whereas others are requesting information to be supplied in an Excel template.

It is therefore important that intermediaries continue the dialogue with their insurers to ensure that information is presented in a format that allows that insurer to upload to the Employers' Liability Database (ELD).

What are intermediaries responsible for?
Intermediaries should work with their insurers to ensure that the EL policy information that is required to be loaded onto the EL Database now is being supplied in good time.

What information is available for intermediaries?
BIBA has helped to produce a guide specifically for brokers, MGAs and DAs which is available to download. Talk to your insurers that are members of ELTO - guidance has been provided to them to make sure that EL policy data is captured and supplied in a consistent way.

Can intermediaries make a head-start on the Regulator's additional data requirements?
From 1 April 2012, the Regulator required insurers and intermediaries to capture and record subsidiary company information and the Employer Reference Number (ERN), commonly called the 'Employer PAYE Reference'.

ELTO has produced a new one-page guide to supplying EL data. This guide is a tool for you to use and includes tips on what information needs to be supplied and the timescales it is needed in.

Looking for an employers' liability policy?
Employers' Liability Tracing Office A Company Limited by Guarantee - Registered in England at the address below - No 6964651
Linford Wood House, 6-12 Capital Drive, Milton Keynes, MK14 6XT