Latest edition of Conduct In Focus examines issues arising on “orphan policies”
15 October 2021
The Insurance Authority (IA) published its latest issue of Conduct In Focus1 today (15 October 2021) presenting the statistics on the complaints it has received in the first-half of 2021.
In our Practice Section we highlight complaints arising as a result of the failure to continue providing service on insurance policies after the licensed individual insurance agent who originally sold the policies leaves the insurer (a phenomenon known as “orphan policies”). We report on the first disciplinary actions taken by the IA. We also showcase an example of the trust which is built and positive outcomes which take place, when a licensed insurance intermediary displays the ethical standards required by the IA’s Codes of Conduct when serving her clients.
In Policyholder Corner, we explain the findings of the IA’s Mortality Protection Gap Study and what this means for the insurance buying public.
Ends
1 Conduct In Focus is a periodical newsletter which presents statistics and commentary on complaints received by the IA and examines topical regulatory issues relating to conduct in the insurance market.