Are life cos ready for looming IoM Conduct of Business Code?
By Tom Carnegie, 8 Mar 18
It is now less than a year until the Isle of Man Conduct of Business Code comes into force, International Adviser spoke to several firms headquartered on the island to see how they are preparing for the introduction of the regulation.
When introduced on 1 January 2019, the code will require insurers headquartered on the island to provide clients with bespoke information about commission and fees.
A consultation paper released by the Isle of Man Financial Service Authority says the code will include a mandatory key information document standard that insurers will be obligated to roll out – worldwide.
This requirement will mean insurers on the Isle of Man and their branches around the world will be required to provide detailed, bespoke information to clients about exactly how much commission they pay for insurance products.
Click through the slides to see how the below firms are preparing for the code:
- Old Mutual International
- RL360°
- Canada Life
- Zurich
Tags: Canada Life | Conduct of Business Code | Old Mutual | Rl360 | Zurich
Maria Madrid says:
About time too!
The Isle of Man.has long been associated with financial shenanigans both on and off the island.
Perhaps they are cleaning up their act.
But don’t hold your breath!
adkinson@private-capital.com.hk says:
The game is up, they only have one product outside of specialist contracts and that is TERM assurance, nothing else offers any value what so ever.