Thematic assessment visits for general insurance mediation businesses
We have selected entities from the general insurance mediation business (GIMB) sector to participate in thematic assessment visits focussed on Section 2 of the GIMB Code of Practice – “A registered person must have due regard for the interests of its clients”.
Thematic assessment visits follow a similar methodology to our usual thematic examinations but are sector-specific and narrower in focus.
We will assess:
- how the principle of “best advice to clients” is taken into consideration
- what documentation is provided to the client
- policies and procedures regarding the establishment, maintenance, transfer or closure of business relationships in an expeditious manner
- how conflicts of interest are disclosed to clients
- complaint handling
- transparency of fees and charges
- how policy exclusions are communicated to clients
The thematic assessment visits will establish if supervised persons can demonstrate the effectiveness of their internal systems and controls related to the loss, misuse or misappropriation of client money.
Next steps
We have already contacted the GIMBs participating in the thematic assessment visits. Visits are underway and will continue until the end of this year.
If you have any questions about the thematic examination, please contact the Supervision Examinations Unit or read more about the examination process.