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Published byTeresa Heinrich Modified over 6 years ago
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The Case for Self-regulation of Market Conduct
“Market conduct is specific to culture, legislation and taxation” Arguments in favour: Main distribution method Level of awareness of consumers Level of state provision of social security Countered by: Growing regional markets (eg EU, Internet) Globalisation of major insurance companies
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Market Conduct – A personal view
What are the Options? Global standards Global principles and local standards Global principles, local guidance and strong corporate governance
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Market Conduct – A personal view
2001 Average 2002 Average Best in class Worst in class Business Unit “Buy-in” Recruitment of quantity not quality Fewer, more detailed business investigations Outsourcing of non core functions Risk based approach Compliant culture 100% fact find checking Continuous Improvement Company A 2001 Company A 2002 Clarity of accountability and responsibility Goal congruence Past business reviews Standard KPI’s used Remuneration for compliant behaviour Specialist KPI “Dashboards”
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Market Conduct – A personal view
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Questions and Comments
Market Conduct Questions and Comments
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Closing remarks The implementation of Principle 11 and the Principles paper will need to be addressed in the near future The current regulatory models have drawbacks The use of Self-regulation and Internal Market Conduct Assessment deserves further study.
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