Regulatory Alerts2020-10-20
Guidelines on the Conduct of Insurance Business
The Croatian Financial Services Supervisory Agency (HANFA) issued these October 2020 guidelines to establish a consistent framework for the design, approval, distribution and post-sale management of insurance products. The document mandates that insurance undertakings and distributors implement robust product oversight and governance systems, clearly define target markets, manage conflicts of interest, and ensure fair treatment of consumers across all distribution channels. It further requires transparent remuneration practices, accurate pre-contractual information disclosure, and continuous monitoring throughout the entire product lifecycle to mitigate conduct risk and prevent mis-selling.
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