Notice - Consultation Paper: Revisions to the Insurance Code of Conduct (2021-09-17)

Summary

This is a Bermuda Monetary Authority notice announcing a consultation paper on proposed revisions to the Insurance Code of Conduct, part of a broader conduct of business regulatory framework aimed at strengthening consumer protection for policyholders. It invites stakeholder feedback rather than imposing immediate binding requirements.

• Integrity: Insurers must conduct business with integrity.
• Policyholder interests: Insurers must have due regard for the interests of policyholders.
• Fair communication: Communications with policyholders must be fair, clear and not misleading.
• Asset protection: Insurers must protect policyholders' assets against loss, fraud and misuse.
• Complaints handling: Complaints and errors must be handled fairly and expediently.
• Policyholder awareness: Policyholders must be made aware of their responsibilities and given access to appropriate informational resources.

The Authority is soliciting comments on the draft revised Code from stakeholders, with submissions to be sent to conduct@bma.bm. This is a consultation stage notice; the substantive Code requirements described are proposed amendments open for feedback, not yet finalized obligations arising from this notice itself.

Key obligations

• Stakeholders wishing to comment must submit feedback on the consultation paper and draft Code to conduct@bma.bm by close of business on 25 October 2021.

Applies to

insurers, policyholders, stakeholders in Bermuda's insurance industry

Deadlines

• 25 October 2021: Deadline for stakeholders to submit comments on the consultation paper and draft revised Insurance Code of Conduct to conduct@bma.bm