New code of conduct for insurance brokers and agents

6 Сен

В феврале 2019 года был опубликован Кодекс поведения страховых брокеров и страховых агентов. Кодекс был разработан с учетом международных стандартов, установленных Международной ассоциацией органов страхового надзора, и призван помочь властям обеспечить надлежащий и действенный надзор за страховыми брокерами и агентами, зарегистрированными на Бермудских островах. Кодекс вступил в силу, и все страховые брокеры и агенты должны до 1 января 2020 года обеспечить его соблюдение. В настоящее время на Бермудах зарегистрировано 95 брокеров и 59 агентов.

New code of conduct

Bermuda law prohibits any person, in or from Bermuda, from carrying on business as an insurance broker or agent unless they are registered to do so by the Bermuda Monetary Authority. Insurance brokers and agents play a vital role in the insurance market. A ‘broker’ is a person who arranges or places insurance business with insurers on behalf of prospective or existing policyholders, whereas an ‘agent’ is a person who, with an insurer’s authority, acts on its behalf in relation to:

the initiation and receipt of proposals;
the issue of policies; and
the collection of premiums.
There are currently 95 brokers and 59 agents registered in Bermuda.

New code of conduct

In February 2019 the authority published the Insurance Brokers and Insurance Agents Code of Conduct. The code was developed in consideration of the international standards set by the International Association of Insurance Supervisors and is intended to assist the authority in providing appropriate, effective and efficient supervision and regulation of Bermuda-registered brokers and agents.

The code establishes duties, requirements and standards that registered brokers and agents must comply with – for example:

controllers and officers must be fit and proper;
a corporate governance framework must be implemented;
business must be conducted in a sound and prudent manner (eg, brokers and agents must have an appropriate physical presence in Bermuda);
adequate accounting, record-keeping systems and reporting requirements must be in place;
brokers and agents must maintain high standards with respect to client relationships;
brokers and agents must have appropriate disclosure requirements;
brokers and agents must implement policies and procedures with respect to:
conflicts of interest;
complaint handling;
business continuity and disaster recovery;
applicable anti-corruption and anti-money laundering and anti-terrorist financing laws; and
reputational risk;
outsourced operations must be performed at the same level as if the work were performed in-house and comply with Bermuda’s legal and regulatory requirements; and
brokers and agents must cooperate with regulatory authorities.
In assessing whether a broker or agent is conducting its business in a sound and prudent manner, the authority will take a proportionate approach relative to the business’ collective nature, scale and complexity.


The code came into effect on publication, with all existing brokers and agents having until 1 January 2020 to ensure compliance.

Автор: Gavin Woods