It is open to insurance brokers and intermediaries, financial advisers, mortgage intermediaries, professional services practices and a range of affinity groups.
The network is authorised by the General Insurance Standards Council (GISC) and, despite the fact that this body is to be superceded by the Financial Services Authority (FSA) in two years, the network is confident that there is a need for its services.
John Derry-Collins, chairman of IFAct Group, said: "General insurance is going to face an increasingly tough regulatory regime over the next couple of years as it moves towards direct regulation by the FSA. Those firms who join The GRID Network now will have two years to adapt to this challenge and we can provide all the help they need along the way. When the FSA takes over, those businesses that are fully compliant will have an easier transition to the new regime."
The network aims to provide regulatory assessment for members, and also tools and manuals on compliance procedures and training for staff actively engaged in transacting general insurance.
James Truscott, chairman of the GRID Network, said: "This network offers a unique opportunity for organisations to maximise their sales in the general insurance market, without having to look over their shoulder in the wake of new regulatory demands. It will save them time and effort, increase their income and allow them to concentrate on developing their businesses. Those organisations who do not want the burden of costly compliance but who want to offer general insurance as an added value service, need look no further than GRID to arrange the transactions on their behalf."
