On the 3rd March 2014, the MFSA issued a consultation document on the introduction of a new Insurance Rule – the Insurance Intermediaries Rule 25 of 2014 entitled “Complaints-Handling by Insurance Intermediaries” (the “Insurance Intermediaries Rule”). Further information regarding rule this can be accessed here.
Following feedback received from interested parties within the relevant sectors, certain clarifications to the Insurance Intermediaries Rule were made. These included Article 2 on the application of this rule.
The Insurance Intermediaries Rule, which incorporates the Guidelines on Complaints-Handling by Insurance Intermediaries and the Report on Best Practices by Insurance Intermediaries in Handling complaints (both published by EIOPA on the 27 November 2013), will enter into force on the 1 July 2014 and will apply to any person (natural or legal) enrolled in the Agents, Managers or Brokers List and is carrying out insurance intermediaries activities.