The Isle of Man Financial Services Authority (“Authority”) issues a response to feedback on its conduct of business consultation paper and a further consultation on managing conflicts of interest in the insurance sales process (long-term business)
A consultation paper CP15-02 was issued in July 2015 which proposed a number of enhancements to the regulatory framework applicable to authorised long term insurers in relation to conduct of business. A number of detailed and informative responses were received from interested parties which have been taken into account in identifying areas where requirements of the Conduct of Business Code (Long Term Insurers) are proposed to be refined. The Authority is now publishing details of the feedback received and its response to that feedback. Further information and a copy of the paper can be found here.
The Authority is also publishing CP16-03, a consultation paper which advocates a requirement for the mandatory disclosure of commission payments and other remuneration to intermediaries, which is considered an important development in policy to enhance existing levels of consumer protection, notably where insurers operate on a cross border basis. Further information and a copy of the paper can be found here.
The above papers will be of most relevance to those insurers writing third party long-term insurance business in or from the Island.
The Authority invites comments from interested parties on CP16-03 by 2nd September 2016.