Regulatory Alerts2023-06-01
Market Conduct Code for Insurance Brokers
The Financial Services Authority of Seychelles has issued a conduct code mandating all licensed insurance brokers to adhere to standardized market practices and service expectations. The framework requires brokers to maintain professional integrity, provide suitable personal recommendations, ensure transparent disclosure of policy terms and commissions, and safeguard client premiums in segregated accounts with strict remittance timelines. Brokers must also implement robust claims and complaints handling mechanisms, maintain accurate records, manage conflicts of interest, and remain fully accountable to regulatory oversight for enhanced policyholder protection.
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