Consultation on Disclosure Rules for Insurance Intermediaries

Today, the Commission has published a consultation paper proposing amendments to the rules for insurance intermediaries to include some additional disclosure requirements.

This affects the thirty-five insurance intermediaries operating in the Bailiwick which are licensed by the Commission.  The consultation sets out a proposal that would require the intermediaries to provide information to customers to help them make informed decisions about the insurance products they purchase.

The proposals represent good practice already in effect in industry and seek to formalise an existing requirement in the codes of conduct. The changes would also assist the Bailiwick to demonstrate its compliance with international standards.