Independent insurance developments

Independent’s liquidator, PricewaterhouseCoopers, and the British Insurance Brokers Association have reached a compromise on premiums and commissions. PwC had argued for the return to Independent of premiums and commissions for the whole year leading up to collapse but the compromise will provide for return of unpaid premiums for business placed by Independent in the first six months of 2001 and of commissions, pro rated for six months, on premiums refunded by PwC to policyholders. Subject to ratification by a majority of the 300 brokers involved this should avoid threatened litigation by PwC.