Conduct of Business Code for Non-Long Term Insurance

Closed 2 Feb 2018

Opened 14 Nov 2017

Contact

Mrs Nicola Igoea

+44 1624 646025

nicola.igoea@gov.im

Feedback updated 1 Mar 2018

We asked

We asked for feedback on the final draft of the Insurance (Conduct of Business) (Non-long Term Insurance) Code 2017 (“Code”), which places conduct of business requirements on authorised insurers effecting non-long term contracts of insurance with third parties.

You said

We received 2 responses, but there were no substantive comments on the Code.

We did

We will progress with the Code and expect to implement it on 1 January 2019. 

Overview

CP17-11/T01 sets out the Authority’s views on developing the Island’s existing regulatory framework to enhance the fair treatment of policyholders in relation to non-long term insurers through the issue of the draft Insurance (Conduct of Business) (Non-long Term Insurance) Code 2017 (“the Code”). 

The Code brings together the Authority’s work in this area and places conduct of business requirements on authorised insurers effecting non-long term contracts of insurance with third parties.

Why we are consulting

The enhanced conduct of business requirements have been consulted upon previously within CP17-01/T01. As a result of the consultation feedback, the Code has been refined, and a revised draft of the Code is now issued for a final consultation.

Areas

  • All Areas

Audiences

  • Elected members - MHKs
  • Elected members - local government
  • Employees
  • Self-employed
  • Business owner
  • Other non-resident - business interests

Interests

  • Legislation
  • Policies, strategies & plans