ES-1.8 ES-1.8 Module BC — Business Conduct
ES-1.8.1
This Module presents under the form of an Insurance Code of Practice the minimum standards of good practice for market conduct in relation to direct insurance activities. This Module applies to
domestic business .Reinsurance business is exempted from the requirements of this Module.Amended: January 2007ES-1.8.2
The Insurance Code of Practice is made up of overarching principles applied throughout the customer relationship. These principles cover:
(a) Marketing and promotion;(b) Initial customer information service;(c) Identification of customer requirements;(d) Advice and recommendation;(e) Customer identification before commitment to contract;(f) Confirmation of cover and policy documentation;(g) Service after the point of sale;(h) Claims;(i) Renewal, expiry and cancellation;(j) Complaints;(k) Information conditions applying to all customer information;(l) Fair treatment; and(m) Confidentiality and security of customer assets.Amended: January 2007ES-1.8.3
Module BC has additional requirements dealing specifically with requirements unique to
takaful andretakaful , including the requirement to clearly disclose to participants the calculation of wakala and mudaraba fees paid by thetakaful fund(s) to thetakaful operator.Amended: January 2007
