Changes to PII Coming Into Force at Your Next Renewal

Overview

Licensees in the Investment, Fiduciary and Insurance sectors should be aware that the GFSC has updated the following rules.

• The Fiduciary Rules and Guidance, 2021
• The Licensees (Capital Adequacy) Rules and Guidance, 2021
• The Insurance Intermediaries Rules and Guidance, 2021
• The Insurance Managers Rules and Guidance, 2021

What is the purpose of the revisions?

The revisions have taken place in response to firms being offered the chance to comment on fatal flaws within two recent consultation papers.

The recent changes to the final rules provide consistency of drafting, however no changes to the substance of the requirements have been made.

What should you be aware of?

These amendments enable licensees to make any necessary changes to comply with the amended rules at the point their insurance renewal falls due.

Licensees should be aware that the amendments include updated sections on the transitional provisions concerning insurance arrangements. The sections updated are listed below.

The Fiduciary Rules and Guidance – Section 7.1.A

The Licensees (Capital Adequacy) Rules and Guidance – Section 6.1 

The Insurance Intermediaries Rules and Guidance – Section 9.2A

The Insurance Managers Rules and Guidance – Section 9.2A

If you have any queries in relation to the recent guidance updates please contact us. Our team of Compliance & Regulatory Professionals at Aspida will be glad to support you.