... expressed the view that it is confusing to refer to policy holders and potential policy holders as “clients” or “customers” in relation to an agent since such persons are not the clients of the agent – even if the agent is required to act in their best interests. 30. There were also comments on certain...

... Brokers’ Code. B. Interpretation Feedback received 30. There were some comments received on the terms defined in the Interpretation section of the Brokers’ Code (for example, one response took issue with the use of the word “including” in the definition of “Statutory Conduct Requirements”, which meant the...

... expressed the view that it is confusing to refer to policy holders and potential policy holders as “clients” or “customers” in relation to an agent since such persons are not the clients of the agent – even if the agent is required to act in their best interests. 30. There were also comments on certain...

... Brokers’ Code. B. Interpretation Feedback received 30. There were some comments received on the terms defined in the Interpretation section of the Brokers’ Code (for example, one response took issue with the use of the word “including” in the definition of “Statutory Conduct Requirements”, which meant the...

... Draft Guideline on Enterprise Risk Management GUIDELINE ON ENTERPRISE RISK MANAGEMENT Insurance Authority Table of Contents Page 1. Introduction 1 2. Application 2 3. Overview of Enterprise Risk Management (ERM) Framework and General Requirements 4 4. Governance 7 5. Risk Appetite Statement 10 6. E...

... Relative Weight 1 12% 2 16% 3 30% 4 9% 5 5% 6 21% 7 7% Total 100% 1 RISK AND INSURANCE 1.1 CONCEPT OF RISK 1.1.1 Meaning of Risk There have been many attempts to define ‘risk’. Probably, to most of us, ‘risk’ contains a suggestion of loss or danger. We may therefore define it as ‘uncertainty concerning a...