When it comes to disclosing commission, Isle of Man-based life companies have revealed at least six different ways they pay intermediaries and asked the regulator to be clear on what it wants them to disclose, according to industry responses to a consultation paper.
Life insurance companies on the Isle of Man must provide broad commission disclosure from 1 January 2018 and policyholder specific commission disclosure from 1 January 2019 under the proposed new Conduct of Business Code.
Life companies based on the Isle of Man will have to disclose client commission worldwide from January 2019, the head of the Isle of Man Financial Services Authority (IoMFSA) has confirmed.
Proposals that could significantly change how insurance companies operate in the UAE stand to benefit Isle of Man-based life companies over the longer term, according to key industry figures on the island.
