Issues Paper on Conduct of Business in Inclusive Insurance
This Issues Paper on Conduct of Business in Inclusive Insurance is about the fair treatment of customers6 in inclusive insurance markets. The paper gives an overview of the issues in respect of conduct of business in inclusive insurance markets that affect the extent to which customers are treated fairly, both before a contract is entered into and through to the point at which all obligations under a contract have been satisfied. Recognising the increased vulnerability of the typical customer in this market segment and based on the typical characteristics of the business and distribution models that have emerged in inclusive insurance – as described further on in this paper – the objective of this paper is to promote the understanding of these particular issues among regulators and supervisors and other organisations and parties with an interest in this area. This understanding can furthermore inform further initiatives to address these issues in the area of conduct of business as a follow-up to this paper, possibly by developing application guidance on proportionate regulation and supervision.