Response to Consultation paper CP17-05/T06 on the Conduct of Business Code for Long Term Insurance

The Isle of Man Financial Services Authority has today issued a Consultation Response (CR17-04/T06) document in relation to its Consultation (CP17-05/T06) on the Conduct of Business Code for Long Term Insurance, which ran from 5 May to 16 June 2017. The response document provides a summary of responses to the consultation, the final draft Code and an explanation of the next steps. A tracked changes version of the Code has also been published for comparison purposes.

Karen Badgerow, Chief Executive of the Isle of Man Financial Services Authority commented “We consulted on the proposed Conduct of Business Code in its final form in June of this year, including our proposals for the timing of implementation of the Code. We have engaged with stakeholders and the response issued today clarifies our policy in a number of areas, notably around jurisdictional exemptions, and provides additional guidance where it has been requested.

The existing requirement for insurers to embed the fair treatment of customers into business culture and to implement policies and procedures which reflect fair treatment as a key strategic objective will be enhanced by the introduction of the Code. The new requirements within the Code are aligned to our regulatory objectives of securing an appropriate degree of protection for policyholders and are consistent with developing international standards and we therefore remain committed to implementation of the Code in January 2019.”

For further information, please refer to consultation webpage.