Strategies for ensuring compliance with the AB1 code of practice for the selling of general insurance

Abstract

The ABI code of practice for the selling of general insurance was first introduced in 1981 and has been refined over the years to meet the needs of consumers. It seeks to reflect the controls exercised over insurance brokers by virtue of the Insurance Brokers (Registration) Act 1977 and related regulations. It applies to all non‐registered intermediaries and employees of insurance companies. In 1994 the ABI introduced a number of improvements to address key areas of compliance, awareness and consumer recourse. The purpose of this paper is to examine the selling process involved at the new business, mid‐term adjustment, renewal stages of a general personal lines policy cycle and to propose strategies to ensure compliance with the ABI code. It considers options for monitoring and the importance of enforcement.

Citation

Salt, R. (1997), "Strategies for ensuring compliance with the AB1 code of practice for the selling of general insurance", Journal of Financial Regulation and Compliance, Vol. 5 No. 4, pp. 352-357. https://doi.org/10.1108/eb024946