The sale and distribution of insurance products have evolved from traditional tied agents and brokerage models to independent agents and financial advisory models, and in recent years, online distribution and robo-advisory models.
Commission-sharing arrangements and fee models are also becoming more creative. On the other hand, insurers and intermediaries are also facing clients who are increasingly becoming more sophisticated and being exposed to a wide variety of choices.
This guide aims to give an overview of the regulations and issues specific to each jurisdiction that would need to be considered in the sale, distribution and advisory chain, from the appointment of intermediaries to the standard of conducts and disclosure requirements; payment and receipt of commissions and fees; allocation of liabilities between insurers and intermediaries and ownership; and sharing of client data. As we move into the phase of digital revolution in the financial industry, this guide also seeks to highlight how both traditional and new rules would apply to less traditional distribution models.
