GRiD relaunches revised Statement of Best Practice for supplier agreements

“Confidence and clarity” for insurers and intermediaries

John Brazier
clock • 1 min read

Industry trade body Group Risk Development (GRiD) has launched an updated and revised version of its Statement of Best Practice for supplier agreements, aimed at giving “confidence and clarity” to insurers and intermediaries when employers are purchasing group cover.

The new Statement aims to offer guidance and positioning to support insurers and intermediaries communicate how group protection products work for clients, and explains how reassurance is provided through financial services law and regulation. GRiD stated that while there is a growing trend for employers to propose additional supplier agreements, non-disclosure agreements, data-processing agreements, and service-level agreements, these are "not usually appropriate for group risk business and that the policy document itself is a sufficient contract." The Statement of Best Practice has ...

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