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Guernsey Updates Requirements For Insurance Firms

by Jason Gorringe, Lowtax.net, London
12 December, 2016

Guernsey's financial services regulator, the Guernsey Financial Services Commission, has issued a consultation paper on proposed revisions to the Code of Conduct for Authorized Insurance Representatives.

The proposed Code clarifies the minimum standards expected from authorized insurance representative and takes into account current trading methodologies and rapidly changing and developing customer behaviors.

The proposed revisions to the Code cover sales of add-on insurance policies; standards to be met when dealing with customers face-to-face or by any other correspondence, including through online services; and ensuring that information is tailored to customers based on their insurance experience and knowledge.

The Code also clarifies how the "Principles of Conduct of Finance Business" apply to authorized insurance representatives as individuals.

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