IoM Consults On Retail Insurance Conflicts Of Interest
by Jason Gorringe, Lowtax.net, London
13 July, 2016
The Isle of Man Financial Services Authority has issued a consultation paper on managing conflicts of interest in retail insurance sales.
It proposes changes to the island's existing insurance 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.
In particular, the paper includes proposals for additional disclosures to be made in "Key Information Documents" regarding costs and demonstrating the impact of policy charges.
The paper is targeted at existing and prospective life insurance companies carrying on third party business in or from the Isle of Man. In particular, it will be of interest to those with responsibility for the management and oversight of the operational, compliance, marketing, product development, and risk management functions within those companies.
The paper may also be of interest to captive insurers and reinsurers writing group risks on a business to business basis.
The consultation period is open until September 2, 2016.
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