Regulatory Alerts2021-01-01
Frequently Asked Questions - Insurance (Conduct of Business) (Long Term Business) Code 2021
The Isle of Man Financial Services Authority issued this document to clarify the consumer protection measures and binding requirements of the Insurance (Conduct of Business) (Long Term Business) Code 2021. The Code mandates that authorized long-term insurers provide Key Information Documents, ensure fair complaint handling, and grant policyholders a 30-day cancellation right for cancellable contracts. It applies to Isle of Man insurers regardless of where the policy is sold, while explicitly excluding foreign insurers and direct regulation of intermediaries.
Share