Regulatory Alerts2018-01-01
Insurance (Conduct of Business)(Non Long Term Business) Code 2018
The Isle of Man Financial Services Authority issued binding guidance notes requiring regulated entities to ensure the fair treatment of policyholders through established policies, governance, and staff training. The code mandates rigorous product development oversight, clear pre-sale disclosures, and ongoing monitoring of intermediaries to prevent consumer detriment. It further enforces specific cancellation rights, post-sale information requirements, and fair claims handling procedures for non-long term insurance business.
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