Insurance web aggregator conduct requires client confidentiality, complaint systems, advertising controls, remuneration transparency, staff competence and regulatory reporting. Insurance Web Aggregators must act with good faith, integrity, care and diligence; protect prospect information and confidential documents; and assess ... Summary
International Financial Services Centres Authority (Insurance Web Aggregator) Regulations, 2022
Insurance web aggregator conduct requires client confidentiality, complaint systems, advertising controls, remuneration transparency, staff competence and regulatory reporting.
Insurance Web Aggregators must act with good faith, integrity, care and diligence; protect prospect information and confidential documents; and assess prospects' insurance-risk awareness. They must maintain complaint-recording systems, offer online complaint facilities, acknowledge communications within five working days, provide further redressal information, and ensure Key Management Person-level handling. Designated websites must avoid prohibited advertising, while remuneration must be disclosed on request. Staff must be trained and competent, advice quality monitored, and clients informed of the prohibition on rebating and sharing remuneration. Public notices and prescribed regulatory returns are required.
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