In cooperation with the European Insurance and Occupational
Pensions Authority (EIOPA), the MFSA has launched a thematic review
of market conduct addressed at insurance undertakings operating in
the unit-linked life insurance market.
The purpose of the review is to identify potential sources of
consumer detriment stemming from business interlinkages between
providers of asset management services and insurance undertakings
and the extent to which the latter are affected by the existence of
monetary incentives and remuneration received.
The thematic review focuses on three key issues:
Existence and characteristics of
monetary incentives and remuneration;
How insurance undertakings address
conflicts of interest;
How insurance undertakings structure
unit-linked life insurance products.
EIOPA is managing and coordinating this EU-wide exercise, which
targets 60% of the unit-linked life insurance market in each
participating country. Submissions from participating insurance
undertakings will be received by the MFSA in September 2016 and
will be provided to EIOPA in an anonymised format. The results of
the thematic review will be published by EIOPA in early 2017.
Any queries on the above are to be addressed to the Conduct
Supervisory Unit by email on email@example.com.
In the light of concerns raised in industry feedback, the Bermuda Monetary Authority (BMA) has decided to postpone the introduction of various adjustments to the Bermuda Solvency Capital Requirement (BSCR) standard formula that were proposed in its November 2016 Consultation Paper.
The MFSA has issued new guidelines on Product Oversight and Governance arrangements by insurance undertakings and insurance distributors as required by the Insurance Distribution Directive ("IDD") to be implemented by manufacturers of insurance products.
Despite the notable uncertainty concerning the United Kingdom and Gibraltar's future trading relationship with the European Union, there are a number of upcoming developments which the Gibraltar insurance industry and its stakeholders should be monitoring.
In less than ten months, the Insurance Distribution Directive (‘IDD') will be repealing the current Insurance Mediation Directive regulating the activities of insurance undertakings, insurance intermediaries and insurance ancillary intermediaries.
The Cayman Islands is home to over 700 captive insurance companies. The word ‘captive' refers to the relationship between the insurance company and its owner.
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