Broker trade body to implement initial outcomes of its strategic review.
Members of the British Insurance Brokers' Association (Biba) have voted overwhelmingly in favour of changes to its articles of association.
At Biba's extraordinary general meeting on 28 October, 119 members voted in favour, with four against, equating to 345 votes to nine in favour of the changes.
The trade body detailed that the changes were in relation to the segmentation of membership and its governance. The developments will include a new model which separates members into four broad segments.
The segments will consist of small firms with a turnover of less than £1m; larger firms with a turnover of greater than £1m; networks, aggregators, MGAs and other distributors; and UK nationals, London market and international members.
Each segment will have representation on the main Biba board with the small firm sector filling the chair and deputy chair positions.
Further changes will consist of the appointment of a non-executive director and a strong regional focus with the regional chairs forming a regional chair's advisory board.
The chairman of this advisory board will also sit on the main Biba board.
Steve White, Biba's chief executive, said: "At the start of this review we promised to become a leading UK trade association for the 21st century and we will now implement the changes to deliver this.
"It is not surprising that members voted overwhelmingly in favour of the changes because we have spent a lot of time engaging with them to understand and deliver exactly what they want."
He added: "The strategic review is far from complete, we now have the challenge of taking forward these initial changes to ensure that we are as strong as possible for our members."
Andy Homer, chairman of Biba, commented: "The result of this vote completes the circle in terms of what our members have told us they want.
"The governance and segmentation proposals in our strategic review were initially suggested to us by members. We then published a consultation on the plans and received positive feedback from brokers large and small. Finally, the membership has now given their seal of approval to re-shaping the association with an over-whelming ‘yes' vote in our EGM.
"The Biba executive will now carry forward these plans in the coming months."
For all the latest industry news direct to your inbox, sign up for our daily newsletter.