GRiD relaunches revised Statement of Best Practice for supplier agreements

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 ...