CI-3.2 CI-3.2 Business Conduct
CI-3.2.1
Module BC (Business Conduct) comprises general rules (BC-1) and a Code of Practice (BC-2). These rules apply in full to
captive insurers . However, it should be noted that BC is principles-based. Because acaptive insurer is insuring the risks of its parent group, it would be acceptable for the level of sales documentation and written disclosure to be less than would be required for retail customers. The CBB considers this to be compatible and consistent with maintaining a professional insurer-insured relationship between the parties.Rulebook Reference BC-A.1 Amended: January 2007CI-3.2.2
The CBB expects the
insurance manager to consider the requirements of the Code in relation to the service provided, on behalf of the captive, to its 'clients', namely insured members of the group. In most situations, for captives, the CBB would expect however that the requirements of the Code could be met by putting in place a simple protocol between the captive and the insured members of the group.Amended: January 2007
