UPDATED: Insurers headquartered on the Isle of Man will no longer have to provide customers with generic information about commissions and fees from 1 January 2018 after the island’s regulator scrapped its plans, in a move welcomed by the industry.
International insurance companies headquartered on the Isle of Man will only have to spell out to customers how much commission they will have to pay to intermediaries over the life of the product at the end of the sales process.
Peter Kenny of Old Mutual International talks to International Adviser about the Isle of Man-based life company’s move into the high net-worth arena and the challenges and opportunities to come.
