To celebrate the countdown to Christmas, the Corporate Insurance
team will be publishing a prediction for 2015 each day.
Increased regulatory pressure is making the traditional mass
agency distribution model less attractive for agents and insurers,
leading to a drastic change in distribution channels for consumer
2015 will see a ban on indemnity commission for Investment
Linked Assurance Schemes (ILAS), which follows hot on the heels of
the recent requirements for disclosure of commissions received on
We expect the implementation of the new Independent Insurance
Authority, which will regulate insurance agents and their conduct,
to increase the compliance burden on agents, particularly at the
lower end of the market.
This combination of measure will impact on the attractiveness of
being an individual agent, and the regulatory burden will increase
for insurers that manage a large sales agency force.
Policies therefore will increasingly be distributed on more of a
multi-channel basis, with an increase in: products offered on a
direct sale basis; the use of online aggregators; and independent
financial advisors providing fee based advice. Bancassurance
channels will remain an important distribution channel and will be
better placed to respond to the forthcoming regulatory changes.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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Since the PRIIPs Regulation was published on 9 December 2014, the concept of a multi-option product has been one of the most discussed topics among the manufacturers of insurance-based investment products.
Directors & Officers Insurance (D&O) is a relatively new
branch of insurance in the United Arab Emirates (UAE) market.
Accordingly, issues such as allocation of costs have not yet been
considered by UAE or Dubai International Financial Centre (DIFC)
The MFSA issued a consultation document proposing the introduction of external auditing requirements for certain quantitative reporting templates that will form part of the Solvency Financial Condition Report.
From August 12 2016 when the UK's Insurance Act 2015 takes effect there will be differences affecting business (ie non-consumer) policies issued in Isle of Man and those issued in UK, including renewals.
Bermuda's (Re)Insurance sector has experienced several notable developments over the past year.
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