What is the principal function of the British Insurance Brokers' Association (BIBA)?

The British Insurance Brokers' Association (BIBA) primarily exists to represent and promote the interests of its members, which includes insurance brokers and intermediaries. This function encompasses advocating for better regulatory frameworks, enhancing the professionalism of the industry, and providing resources and support to its members. By effectively representing the views and needs of its members, BIBA helps to ensure that their voices are heard in discussions with regulators, insurers, and other stakeholders within the insurance market. This advocacy role is vital in fostering a stable and competitive insurance environment.

While conducting professional examinations and settling claims are important aspects of the insurance industry, they are not the core focus of BIBA's operations. Similarly, agreeing on standard policy wordings is typically handled by other bodies and organizations within the industry rather than BIBA directly. Thus, the option highlighting BIBA's role in promoting member interests accurately reflects its principal function.