Regulatory Alerts2026-06-17
Added · Updated
COI Directive No. 2 on Market Conduct of Insurance Brokers
The Office of the Controller of Insurance mandates specific market conduct standards for all insurance brokers registered in Solomon Islands, requiring them to implement internal policies for integrity, fair dealing, and due care. Brokers must establish recruitment and training protocols, including employee training within 18 to 24 months of licensing, and maintain procedures for complaints handling, claims settlement, and anti-money laundering controls. The directive sets precise operational deadlines, such as acknowledging complaints within five business days and resolving them within forty business days, while prohibiting unfair discrimination and misleading advertisements. Compliance is enforced through on-site examinations and potential monetary penalties for breaches, with the directive taking effect on December 1, 2019.