Notice – Updated Insurance Code of Conduct (2022-08-31)

Summary

This BMA notice announces that the finalised, updated Insurance Code of Conduct has been published and takes effect immediately, following public consultations held in October 2021 and January 2022. It introduces conduct of business and customer protection requirements alongside amendments aligning corporate governance, outsourcing, business continuity and risk management provisions with international prudential standards.

• Effective date: The updated Code comes into effect immediately from the notice's issue date of 31 August 2022.
• Transition period for section 8: Insurers registered under Section 4 of the Insurance Act 1978 have six months from the issue date to become compliant with the new provisions of the Code's section 8.
• Transition period for other sections: Insurers registered under Section 4 of the Insurance Act 1978 have twelve months from the issue date to become compliant with the new provisions and amendments in all other sections of the Code.
• Support: Insurers with questions about implementing the new Code provisions are encouraged to contact their usual BMA contact.

The notice itself does not restate the substantive Code provisions but confirms the finalisation, effective date and phased compliance timelines applicable to affected insurers.

Key obligations

• Insurers registered under Section 4 of the Insurance Act 1978 must become compliant with the new provisions of Code section 8 within six months of the 31 August 2022 issue date.
• Insurers registered under Section 4 of the Insurance Act 1978 must become compliant with the new provisions and amendments in all other sections of the Code (excluding section 8) within twelve months of the 31 August 2022 issue date.

Applies to

insurers registered under Section 4 of the Insurance Act 1978

Deadlines

• 6 months from 31 August 2022: Deadline for insurers to comply with new provisions of Code section 8
• 12 months from 31 August 2022: Deadline for insurers to comply with new provisions/amendments of all other sections of the Code