Regulatory Alerts2020-01-01
Insurance Intermediaries (Conduct of Business) (General Business) Code 2020
The Isle of Man Financial Services Authority issued binding guidance requiring registered insurance intermediaries to adhere to strict standards for fair client treatment, sales practices, and operational conduct. The Code mandates that intermediaries implement written policies for fair treatment, provide clear pre-inception policy information, and maintain transparent terms of business regarding remuneration and complaints. Additionally, it imposes specific obligations on claims handling, advertising, and the provision of insurance within packaged bank accounts to ensure integrity and consumer protection.
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