Regulatory Alerts2020-01-01
Insurance Intermediaries (Corporate Governance) (General Business) Code 2020
The Isle of Man Financial Services Authority issued this binding guidance under the Insurance Act 2008 to establish corporate governance standards for registered insurance intermediaries. The Code mandates that intermediaries implement adequate measures for board composition, risk management, financial prudence, and compliance functions proportionate to their business complexity. It further requires strict adherence to ethical conduct, conflict of interest policies, record-keeping protocols, and the maintenance of a documented business plan and remuneration policy.
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