The MFSA is proposing to issue a new Insurance Intermediaries Rule 25 of 2014 entitled “Complaints-Handling by Insurance Intermediaries”. The new Rule will apply on a continuing basis to persons enrolled in the Agents List, Managers List or Brokers List and that carry out insurance intermediaries activities in terms of the Insurance Intermediaries Act.
On 27 November 2013, EIOPA published Guidelines on Complaints-Handling by Insurance Intermediaries to address the different national approaches taken by supervisory authorities in the EU. These Guidelines were supplemented by a Report on Best Practices by Insurance Intermediaries in Handling Complaints.
EIOPA’s Guidelines have been incorporated in the proposed Insurance Intermediaries Rule 25 of 2014, whilst the Report is annexed as a Schedule to the said Rule. The objective is to ensure that adequate levels of protection are available to policyholders by setting out standards and procedures to which insurance intermediaries are expected to comply when dealing with a complaint.
The new Rule will require insurance intermediaries to have an effective complaints management policy in place. Insurance intermediaries will also need to keep a record of the number of complaints received, differentiated according to the class of business of insurance and the reason of the complaint. This should ensure that insurance intermediaries would be a position to provide data on complaints and complaints handling procedures when requested by the MFSA.
Persons enrolled in the Tied Insurance Intermediaries List will not be caught by the new Rule provided that certain criteria are met.
The new Rule can be accessed by clicking here. Any comments are to be provided in writing to the MFSA’s Insurance and Pensions Supervision Unit or by email to firstname.lastname@example.org by not later than 4 April 2014.