The ICC received on 16 November 2018 a delegation from the Board of Directors of the Lebanese Insurance Brokers Syndicate (LIBS) presided by Mr. Elie Hanna.
The Acting Head of the ICC, Mrs. Nadine El Habbal, commended the positive involvement of the LIBS in the recent consultations related to the organization of the medical insurance sector through Decision 186/ICC, and expects continued positive cooperation to the best interest of policyholders. In this context, the representatives of the LIBS described a number of complaints and challenges related to the practical implementation of Decision 186/ICC. This topic takes priority on the ICC agenda in view of its relevance for the policyholders.
The attendees discussed topics related to the organization of the mediation business for direct and reinsurance broking activities, which entail the strengthening of requirements on governance, transparent operations, prudential reporting and professional market conduct. This would foster the growth potential of the intermediaries, and channel the market on a path of investment in capacity building. In the coming years, the broking industry will evolve around the players who succeed in this endeavor, and take a pioneering seat in the provision of advanced services and advisory to policyholders.
The positive repercussions on the mediation industry from the recent introduction of the Lloyd’s in Lebanon were also covered. The ICC hopes to see a reasonable number of broking firms being appointed as coverholders for Lloyd’s in Lebanon.