Insurance intermediary conduct standards require transparent sales, informed consent, confidential data handling, fair claims support, and effective complaint resolution. Insurance brokers must clarify their capacity and the services offered, obtain client mandates where required, perform KYC-related documentation, and ... Summary
International Financial Services Centres Authority Act, 2019
Insurance intermediary conduct standards require transparent sales, informed consent, confidential data handling, fair claims support, and effective complaint resolution.
Insurance brokers must clarify their capacity and the services offered, obtain client mandates where required, perform KYC-related documentation, and recommend insurance suited to the prospective client's needs. They must not use agents or canvassers, make misleading or spurious calls, favour particular insurers, make unfair criticisms, or engage in money laundering. Brokers must explain premium arrangements, loss procedures, policy terms, exclusions, warranties, cancellation rights, insurer participation, and changes to cover; ensure that clients understand the duty of full and continuing disclosure; and provide prompt written confirmation and policy documentation.
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