Notice - Insurance Broker and Insurance Agent Code of Conduct (draft) (2018-08-20)

Summary

This is a Bermuda Monetary Authority (BMA) notice announcing that it is posting a draft Insurance Broker and Insurance Agent Code of Conduct for public consultation. The draft Code sets out duties, requirements and standards that insurance brokers and insurance agents registered under Section 10 of the Insurance Act 1978 must observe, including procedures and sound principles of conduct.

• Purpose: Establishes conduct standards for registered Insurance Brokers and Insurance Agents; non compliance will be a factor in assessing whether a broker or agent meets the minimum criteria of conducting business in a sound and prudent manner.
• Related consultation documents: Also posted for information and consultation: the Insurance (Prudential Standards) (Insurance Brokers and Agents) Rules 2018; the Insurance Amendment Act 2018; and the Insurance (Prudential Standards) (Insurance Managers Annual Return) Amendment Rules 2018.
• Action requested: Industry participants and other interested parties are invited to submit comments on the proposals to policy@bma.bm.

As a draft notice, the Code and associated rules are not yet in force; they represent proposals open for stakeholder feedback before finalisation.

Key obligations

• Interested parties wishing to comment on the draft Code and related rules must submit their views to policy@bma.bm by 7 September 2018.

Applies to

Insurance Brokers, Insurance Agents, Insurance Managers

Deadlines

• 7 September 2018: Deadline for submitting comments on the draft Code and related consultation documents to policy@bma.bm