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News - Insurers forfeit local government millions.
(From Post Magazine)
Byline: Tanya Powley.
Insurers are set to lose millions of pounds worth of contracts following the launch of London Authorities' Mutual, which is set to go live on 1 April.
Post has learnt that the mutual has now received provisional authorisation from the Financial Services Authority, after 12 local authorities committed to join in the first 15 months.
A number of other authorities have long-term agreements currently running and will make a decision on whether to join the mutual at a later stage.
LAML is currently going through a competitive tender to appoint a firm of 'pool providers' who will provide day-to-day management of the mutual, including administration, issuing annual policies, arranging reinsurance and investing LAML's funds.
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