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|CP16-03 Managing Conflicts of Interest in the Insurance Sales Process (Long-term business) ||I.O.M.F.S.A||CP16-03 Managing Conflicts of Interest in the Insurance Sales Process (Long-term business) |
This consultation paper sets out the Authority’s views on developing the Island’s existing regulatory framework to enhance the fair treatment of policyholders by ensuring that any conflicts of interest that arise during the insurance sales process are disclosed and thereby mitigated. The Authority also wants to make sure that future developments will take into account similar requirements and anticipated future developments in jurisdictions in which local insurers operate and compete.
CP16-03 builds on the draft binding guidance issued in CP15-02, the Conduct of Business Code (Long Term Insurers) (“the Code”), to place requirements on Class 1 and 2 authorised insurers in respect of managing conflicts of interest and in particular the disclosure of remuneration payable to intermediaries in the sales process.
This paper includes proposals for additional disclosures to be made in Key Information Documents (“KID”), regarding costs and demonstrating the impact of policy charges.
|7 July 2016 - 2 September 2016|