19. Conduct of Business
It is recommended that the authorities:
•
Provide additional guidance for insurers and intermediaries
on how to deal with potential, perceived, or actual conflicts
of interest.
•
Work together with industry associations to develop a
notification on the use of client information for cross selling
and other ancillary purposes.
•
Consider development of an industry complaint handling
system in due course to collect information from all insurers
and brokers on the number of complaints they receive, the
types of complaints received and how the complaints were
dealt with.
20. Public Disclosure
It is recommended that:
•
The OIC amend the notifications to address, at a minimum,
all the risk and factors covered by the principle statements of
ICP 20.
•
The OIC’s reliance on TFRS and audited financial statements
as a backstop for its own public disclosure requirements
results in a bifurcated disclosure approach; the OIC should
consider revising its disclosure requirements to apply more
broadly and explicitly to any risk arising from insurance
contracts.
21. Countering Fraud in Insurance
It is recommended that:
•
The OIC avail itself of the data that will soon be available
through fraud databases at insurers and consider a
centralized fraud database at the OIC to analyze bad actors
and their actions across the sector, identify trends, and work
with insurers and industry trade organizations to be more
proactive in combatting fraud.
•
The OIC amend the notifications to require that any fraud or
act that may have a material impact on an insurer be
reported to the OIC on a timely basis, whether or not the
insurer may have rectified the matter.
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