Assurant communication (January 2022) on REP019-General Insurance - Value Measures Report

To all mortgage brokers, financial advisers, Networks or Mortgage clubs that trade with Assurant

You may have recently received a request from the Financial Conduct Authority (FCA), as part of your Retail Mediation Activities Return (RMAR), regarding the REP019-General Insurance - Value Measures Report, which is asking you to submit data in regards to the General Insurance (GI) product value measures.

For clarity, we do not see the reporting of ‘value measures’ for the business you have traded with Assurant, as a requirement for any 'Assurant' mortgage brokers, financial advisers, Networks or Mortgage clubs.

This data will be reported by the manufacturers (insurers) of the products which we distribute via the Quoforma+ quoting portal.

The insurers will not be providing Assurant with the relevant data broken down by distributor and we will not be providing any data to you.

Assurant as ‘Master broker’ has also received the same notification / reminder from the FCA and we will be submitting a “NIL return” for 'GI Value Measures reporting'.

Even if you have no data to report, we understand that a general rule in terms of FCA reporting is that you would submit a "NIL return".

This communication does not constitute specific advice to your business but we are comfortable with our (and our insurer partners) interpretation of the rules and approach to "NIL returns" for distributors in the chain.

We want to support you as much as we can with clarity where possible in light of new FCA rules and the resulting requirements and communications.

You may of course wish to seek your own advice from your compliance team or the FCA in regard to this matter.

Thank you for your continued support.

Richard Miles
Director, Assurant Intermediary