Regulatory Alerts2021-01-01
Guidance on the requirements of the Insurance (Conduct of Business) (Long-Term Business) Code 2021
The Isle of Man Financial Services Authority issued this guidance to supplement the Insurance (Conduct of Business) (Long-Term Business) Code 2021 for authorized long-term business insurers. It details regulatory expectations regarding remuneration disclosure, asset suitability for unit-linked products, illustration standards, broker monitoring, and post-sale reporting. The document aims to mitigate conflicts of interest and ensure fair treatment of policyholders by providing specific compliance examples and best practices.
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